Commercial Bank of Kuwait:
Exceptional Performance Record Net Profit of KD 34.1 million for 1Q2008
Commercial Bank of Kuwait announced a record net profit for the three months to 31 st March 2008 of KD 34.1 million, an increase of 22% on the same period of 2007.
Chairman & Managing Director Abdulmajeed Al Shatti commented "Commercial Bank has started 2008 very strongly with excellent profits for the quarter and we expect to maintain this superior performance. With a return on average assets of 3.22% and a return on opening equity of 32.12% for the first quarter these results are excellent by local and international standards. Earnings per share of 27.0 fils per share for the period are 22% ahead of the 22.1 fils per share of 2007".
Chairman and Managing Director Abdulmajeed Al Shatti further explained "Operating income is up 76% on 2007 and includes the gain on the sale of our investment in Bank of Bahrain & Kuwait. Net interest income is 26% ahead, underlying fees and commissions are up 8% and gains from dealing in foreign currencies up 100%.". Commercial Bank's total assets are KD 4.2 billion at the end of March 2008 and its shareholders equity stood at KD 441 million.
Chairman & Managing Director Abdulmajeed AlShatti noted that "Commercial Bank continued to expand its branch network by opening its 52 nd branch in Fahed Al Salem and that the introduction of a mobile banking service had been well received by customers. Our investment subsidiary Al Tijari Investment Co. has started operations as CBK Capital and we are busy working on the integration of Union Securities Brokerage Co that was recently acquired."
Chairman & Managing Director Abdulmajeed Alshatti took the opportunity on behalf of the Board of Directors "to thank the Banks valued customers for their trust and confidence, the Executive Management team headed by Mr. Jamal Al Mutawa and the Banks staff for their hard work and loyalty and shareholders for their continued support and faith. We continue to add shareholder value, improve customer service and develop product offerings".
With 52 branches Commercial Bank of Kuwait operates the second largest full service network in Kuwait. For 24/7 information on Commercial Bank of Kuwait products or services contact 888CBK.