Al Tijari earns KD 25.1 million for Q1 2023

KUWAIT, May 8 (KUNA) -- Commercial Bank of Kuwait on Monday announced a net profit of KD 25.1 million for the quarter that ended 31 March 2023 compared to KD 22.2 million for the same period of last year.

The growth of KD 2.8 million in net profit during current quarter was mainly attributed to increase in all business segments and high interest rate regime.
Robust regulatory ratios comfortably exceeded the Central Bankآ’s statutory requirements, Capital adequacy ratio is at 17.2%. Similarly, liquidity coverage ratio 295.7%, net stable funding ratio 109.8% and Leverage ratio 11.2%, all are well above the target set by the Central Bank.
The Bank's strong capital base and stable liquidity is reflected in these ratios, which offer a robust capital and liquidity buffer to facilitate potential loan growth in alignment with the Bank's strategic plan.
Sheikh Ahmad Duaij Al Sabah, the Bankآ’s Chairman, is pleased to present the Bankآ’s results for the first quarter of 2023 that are much higher than same period of the year 2022, due to growth in net interest income, fees and commission income and FX income. Loans and advances grew by KD 200 million compared to Q1 2022.
Sheikh Ahmad added that the Bank is equipped with the latest technology and digital services, enabling it to continue its successful digital transformation journey by improving its digital platforms and introducing new customer services. (USD=KD 0.306). (end) fnk.rk.