Mubasher: The Commercial Bank of Kuwait (CBK) did not register any profits during fiscal year 2019 when compared to profits of KWD 63.8 million in 2018.
Total assets grew by 9.1% to KWD 4.87 billion by the end of 2019 from KWD 4.46 billion in 2018.
Over the fourth quarter (Q4) of last year, the bank suffered a loss of KWD 16.6 million ($54.6 million), against a profit of KWD 48.5 million ($159.3 million) in the same period a year earlier, according to a bourse statement on Wednesday.
The results of 2019 are attributed to growing impairment and other provisions, which were partially offset by higher net interest and non-interest income.
Moreover, the bank's board of directors did not recommend distributing any dividends for 2019.
In the January to September period of last year, profits rose by 9.1% to KWD 16.62 million, compared with KWD 15.23 million in the same period last year.
