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Thu 18 Oct 2007 10:34 AM

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Kuwait's CBK posts 28.3% rise in profit

Country's fourth-biggest lender sees net income rise to $112.2mn in Q3 compared with $87.5mn a year ago.

Commercial Bank of Kuwait (CBK), the country's fourth-biggest lender by market value, posted a 28.3% rise in third quarter profit on Thursday.

Net profit was 31.27 million dinars ($112.2 million) compared with 24.38 million dinars in the year-earlier period, the bank said in a statement on the bourse website.

Analysts at Global Investment House forecast a net profit of 28.92 million dinars in a Reuters survey last month.

Earnings per share rose to 25.9 fils in the third quarter from 20.9 fils in the same period a year ago, it added. The bank did not other details of its earnings.

Like other Gulf banks benefiting from oil prices that have more than quadrupled since 2002, CBK has been expanding in the Middle East as competition intensifies at home.

The bank made a bid for AlWatany Bank of Egypt in August but was beaten by bigger local rival National Bank of Kuwait.

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