Commercial Bank of Kuwait reports net income of KWD63.8mn, up 15% Y-o-Y
Commercial Bank of Kuwait this morning reported FY18 net income of KWD63.8mn, an increase of 15% Y-o-Y from KWD55mn in FY17, and coming ahead of our estimate of KWD47mn. Earnings in 4Q18 stood at KWD49mn, above our estimate of KWD32.1mn and up strongly from KWD9.2mn in 3Q18. We note that 76% of FY18 earnings were in 4Q18. Quarterly earnings during the first three months of the year were weak due to high provisioning expenses. The Board has proposed a cash DPS of 20fils (vs our estimate of 19 fils) and a 10% stock dividend. The cash dividend implies a dividend yield of 4%
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