Commercial Bank of Kuwait Profits Soar Sixfold in Q4 2024

Commercial Bank of Kuwait Achieves Record Net Profits in Q4 2024 with a 471% Increase

The Commercial Bank of Kuwait has announced strong net profits of 68.675 million Kuwaiti Dinars (equivalent to 222.57 million USD) in the fourth quarter of 2024, marking a significant increase of 471% compared to the same period in 2023, when its profits stood at 12.011 million Kuwaiti Dinars.

In an official report released to the Kuwait Stock Exchange, the bank clarified that its annual net profits for 2024 amounted to 157.195 million Kuwaiti Dinars, compared to 111.15 million Kuwaiti Dinars in 2023. The bank attributed this substantial increase to several factors, primarily the recovery of loan losses during the year, which resulted from a favorable court ruling for the bank. Additionally, the increase in net interest and fee income helped to offset the rise in the bank’s operational expenses, further boosting profits.

These robust financial results reflect the Commercial Bank of Kuwait’s strong performance in 2024 and serve as evidence of the success of its financial and managerial strategies in navigating economic challenges.

Key Factors Contributing to the Growth of Commercial Bank of Kuwait’s Profits:

1. Recovery of loan losses due to the court ruling.
2. Increase in net interest and fee income.
3. Significant growth in annual profits compared to 2023.

Sources:

• Press Release from the Commercial Bank of Kuwait
• Kuwait Stock Exchange