Kuwait – Bank: Commercial Bank of Kuwait (CBK) reported that its profits for the third quarter of 2016 surged 82.8% year-on-year to KWD 15.98 million ($52.77 million) from KWD 8.74 million ($28.86 million), according to a bourse filing on Thursday.
The bank earned KWD 27.49 million in the first nine months, higher 8.2% from KWD 25.41 million for the year-ago period.
This increase was driven by an "increase in interest income, fees and commissions, net gain from dealing in foreign currency, and dividend income, along with a decrease in impairment and other provisions, which has partially offset by decrease in gain on disposal of assets pending sale", said the bank.
In the first half, the bank registered KWD 11.51 million , down 31% year-over-year from KWD 16.67 million.
