Tijari earns approx. USD 243 mln in last 9 months

KUWAIT, Oct 22 (KUNA) -- Commercial Bank of Kuwait (Tijari) on Monday declared that its operating profit before provision stood at KD 81.5 million (some USD 243 million) in the past nine months of 2018.
The latest earning sum is compared to KD 75.0 million (USD 225 million), posted in the corresponding period of the past year -- growing by 8.7 percent.
Al-Tijari also declared, in a statement, that the bank net profit reached KD 15.2 million (approximately 45 million) for the same period of 2018, higher by KD 0.8 million (USD 2.4 million), as compared to last year, a growth of 5.5 percent.
Total assets, in September 2018, amounted to KD 4.228 million (USD 12.6 million), mainly comprising of KD 2.198 million (USD 6.594 million) of loan portfolios and KD 533 million (USD 1.5 billion) of investment securities.
The quality of assets remains at its strongest level with a NPL ratio at 0.6% while the NPL coverage ratio reached 982%. Sheikh Ahmad Duaij Al Sabah, the Bank's Chairman, said bank's conservative approach towards growth, maintenance and improvement in the quality of its assets will continue in order to meet challenges of volatile economic and geopolitical situation in the region, as the Bank's main focus is on quality; not quantity. (end) rk