According to Bloomberg headlines, Commercial Bank of Kuwait (CBK) has reported 4Q2015 net income of KWD20.8 million, down 13% Y-o-Y, but up strongly from KWD8.7 million in 3Q2015. The actual net income came in 5% ahead of our forecast of KWD19.7 million. FY2015 net income was KWD47.5 million, down by 3% Y-o-Y and just slightly ahead of our forecast of KWD46.5 million.   The Board of Directors is recommending the distribution of a cash DPS of 13 fils for 2015, down from 18 fils in 2014. The BoD is also recommending to distribute 6 bonus shares for every 100 shares held. (Earnings disclosure, Elena Sanchez-Cabezudo, Rajae Aadel)   Commercial Bank of Kuwait: KWD0.52 as of 28 January 2016, Rating: Neutral, FV: KWD0.54 per share, MCap: USD2,447 million, CBK KK / CBKK.KW