KUWAIT CITY: The following is a message from Ali Mousa Al-Mousa, Chairman of Commercial Bank on Kuwait (CBK).
In the name of Allah the Most Gracious, the Most Merciful, Our valued shareholders, our respectable attendeesThe term of the present Board of Directors will expire with the end of the Ordinary General Assembly Meeting held for discussing the Bank’s business results for the year ending 31/12/2014. On this occasion, the Board of Directors has the pleasure to highlight, through this message, the major issues related to the Bank’s business results throughout the term of the Board of Directors (2012 – 2014) and also present an overview of the Board’s approach and strategy in dealing with the developments, the banking industry has seen on the local and international fronts.
The Bank’s financial statements disclose all the mandatory information and details as required by the regulatory and statutory bodies through related resolutions. This message will shed light on the issues of concern of our valued shareholders and will also elaborate the details of these issues in a coherent manner.
Assets
The total assets grew by 7.2% to reach KD 4,213 million at the end of December 2014 compared with KD 3,929 million at the end of December 2013 and KD 3,668 million at the end of December 2012. The loans grew at a very limited pace during 2012-2014. The Bank offered KD 2,320 million loans to customers as at the end of 2014 compared to KD 2,317 million in 2013 vs. KD 2,127 million in 2012.
The limited growth was a natural outcome of the Bank’s policy aiming at improvement of assets quality, strengthening of profitability level, over the growth in volume of loan portfolio. To achieve this objective, the Bank adopted stringent procedures in establishing provisions and applied risk-focused selective criteria in extending the credit facilities to the customers. These issues will be illustrated in the following narratives.
