LOC16:09
13:09 GMT
KUWAIT, Aug 6 (KUNA) -- The Commercial Bank of Kuwait (Al-Tijari) on Saturday announced net profits of KD 44 million (nearly USD 145 million) for the first half of 2022 and distributed dividends to shareholders at a rate of 22.2 fils per share.
The Bank's operating revenues before provision rose by 1.9 percent to KD 65.3 million (some USD 215.5 million) in H1-2022 from KD 64.1 million (USD 211.5 million) in the corresponding period last year, according to a press release from the Bank.
The aggregate value of assets grew by 4.4 percent to KD 4.3 billion (USD 14 billion) while the Bank's capital adequacy rate went up to 18.4 percent.
Hailing the H1-2022 financial results, Chairman of Al-Tijari Sheikh Ahmad Duaij Al Sabah attributed the robust performance to the improvement of the business environment.
The Bank was able to retrieve KD 12.3 million (USD 40.6 million) of the loan losses in the first half of the year, he noted.
Sheikh Ahmad Duaij expressed optimism about a bright outlook for the banking sector amid forecasts of 8.5 percent growth rate for Kuwait's GDP. (end)
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