Kuwait's Commercial Bank profit plunges in 2009

KUWAIT CITY: Commercial Bank of Kuwait saw its net profit dive by almost 100 percent last year due to huge provisions made for bad loans, the country's third largest lender said on Sunday.

It posted a meagre 0.5 million dollars in net profit in 2009 compared to 350 million dollars in the previous year, the bank said in a statement. It had allocated 455 million dollars as provisions for loan and investment portfolios.

Bank assets dropped to 12.5 billion dollars at the end of 2009 compared to 14.8 billion dollars at the end of the previous year. Bank shareholder's equity weakened from 1.7 billion dollars to 1.53 billion dollars over the same period.