The Commercial Bank of Kuwait (Al-Tijari) posted a net profit attributable to its shareholders of $144.6 million for the second quarter of 2023, a 103.1% increase year-on-year, mainly driven by higher interest income.
The Q2 2023 profit figure rose sharply from $71.2 million in Q2 2022. The bank attributed the profit rise to higher net interest income and recoveries against provisions charged in previous periods, partially offset by higher operating expenses.
Net operating profit increased 31% to $98.2 million in Q2 2023, versus $74.9 million in Q2 2022.
For the first half of 2023, Al-Tijari's net profit jumped 57.4% to $226.8 million, up from $144.1 million in the same period last year.
Al-Tijari, ranked 90th on Forbes Middle East's Top 100 Listed Companies 2023, provides brokerage services through its Al-Tijari Financial Brokerage subsidiary. Al Sharq Holding Company owns 23.9% of the bank, which also has a 7.3% stake in Boubyan Bank.
