Commercial Bank of Kuwait K P S C : Financial Results for the period ended 31-3-2024

The Commercial Bank of Kuwait Group

Interim Condensed Consolidated Financial Information

31 March 2024 (Unaudited)

Deloitte & Touche

Al-Wazzan & Co.

Ahmed Al-Jaber Street, Sharq

Dar Al-Awadi Complex, Floors 7 & 9

P.O. Box 20174, Safat 13062

Kuwait

Tel : + 965 22408844, 22438060

Fax: + 965 22408855, 22452080

www.deloitte.com

REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION TO THE BOARD OF DIRECTORS OF COMMERCIAL BANK OF KUWAIT K.P.S.C.

Introduction

We have reviewed the accompanying interim condensed consolidated statement of financial position of Commercial Bank of Kuwait K.P.S.C. ("the Bank") and its subsidiary (together called "the Group") as of 31 March 2024, and the related interim condensed consolidated statements of income, comprehensive income changes in equity, and cash flows for the three-month period then ended. Management is responsible for the preparation and presentation of this interim condensed consolidated financial information in accordance with the basis of presentation set out in Note 2. Our responsibility is to express a conclusion on this interim condensed consolidated financial information based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial information is not prepared in all material respects in accordance with the basis of presentation set out in Note 2.

Report on other Legal and Regulatory Requirements

Furthermore, based on our review, the interim condensed consolidated financial information is in agreement with the books of account of the Bank. We further report that, to the best of our knowledge and belief, we have not become aware of any violations of the Companies Law No. 1 of 2016 and its executive regulations, as amended, or of the Memorandum of Incorporation and Articles of Association of the Bank as amended, during the three-month period ended 31 March 2024, that might have had a material effect on the business of the Bank or on its financial position.

We further report that, during the course of our review and to the best of our knowledge and belief, we have not become aware of any violations of the provisions of Law No. 32 of 1968, as amended, concerning currency, the Central Bank of Kuwait and the Organization of Banking Business, and its related regulations during the three-month period ended 31 March 2024, that might have had a material effect on the business of the Bank or on its financial position.

Bader A. Al-Wazzan	Dr Shuaib A. Shuaib
Licence No. 62A	License No. 33A
Deloitte & Touche - Al-Wazzan & Co.	RSM Albazie & Co.
Kuwait
2 May 2024

The Commercial Bank of Kuwait Group

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

Period ended 31 March 2024 (Unaudited)

		Three months ended
		31 March
		2024	2023
	Note	KD 000's		KD 000's
Interest income		57,672	50,926
Interest expense		(28,208)	(24,541)
NET INTEREST INCOME		29,464	26,385
Fees and commissions		11,499	10,551
Net gain from dealing in foreign currencies		2,558	2,666
Net (loss) gain from investment securities		(3)	66
Dividend income		501	501
Other operating income		100	172
OPERATING INCOME		44,119	40,341
Staff expenses		(9,370)	(6,092)
General and administrative expenses		(6,131)	(7,005)
Depreciation and amortisation		(104)	(61)
OPERATING EXPENSES		(15,605)	(13,158)
OPERATING PROFIT BEFORE PROVISIONS		28,514	27,183
Net reversal (charge) of impairment and other provisions	9	1,176	(826)
PROFIT BEFORE TAXATION AND CONTRIBUTIONS		29,690	26,357
Taxation and contributions		(1,383)	(1,275)
NET PROFIT FOR THE PERIOD		28,307	25,082
Attributable to:
	28,299
Shareholders of the Bank		25,076
Non-controlling interests		8	6
		28,307	25,082
Basic and diluted earnings per share attributable to
	15.8
shareholders of the Bank (fils)	10	13.3

The attached notes 1 to 15 form an integral part of this interim condensed consolidated financial information.

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