The Commercial Bank of Kuwait Group
Interim Condensed Consolidated Financial Information
30 September 2023 (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 30 September 2023 and the related interim condensed consolidated statements of income and comprehensive income for the three-month and nine-month periods then ended and the related interim condensed consolidated statements of changes in equity and cash flows for the nine-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 nine-month period ended 30 September 2023 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 nine-month period ended 30 September 2023 that might have had a material effect on the business of the Bank or on its financial position.
Ali B. Al Wazzan | Dr Shuaib A. Shuaib |
License No. 246A | License No. 33A |
Deloitte & Touche | RSM Albazie & Co. |
Al-Wazzan & Co. | |
Kuwait | |
24 October 2023 |
The Commercial Bank of Kuwait Group
INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME
Period ended 30 September 2023 (Unaudited)
Three months ended | Nine months ended | |||||||
30 Sept | 30 September | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Note | KD 000's | KD 000's | KD 000's | KD 000's | ||||
Interest income | 55,590 | 36,200 | 160,641 | 88,393 | ||||
Interest expense | (25,787) | (13,665) | (76,063) | (26,575) | ||||
NET INTEREST INCOME | 29,803 | 22,535 | 84,578 | 61,818 | ||||
Fees and commissions | 10,805 | 10,667 | 32,383 | 30,852 | ||||
Net gain from dealing in foreign currencies | 1,776 | 2,505 | 6,055 | 6,303 | ||||
Net (loss) gain from investment securities | (4) | - | 60 | 54 | ||||
Dividend income | 720 | 926 | 2,880 | 2,743 | ||||
Other operating income | 73 | 123 | 424 | 243 | ||||
OPERATING INCOME | 43,173 | 36,756 | 126,380 | 102,013 | ||||
Staff expenses | (7,334) | (6,709) | (20,951) | (20,985) | ||||
General and administrative expenses | (5,605) | (4,297) | (17,606) | (12,265) | ||||
Depreciation and amortisation | (927) | (727) | (1,386) | (956) | ||||
OPERATING EXPENSES | (13,866) | (11,733) | (39,943) | (34,206) | ||||
OPERATING PROFIT BEFORE PROVISIONS | 29,307 | 25,023 | 86,437 | 67,807 | ||||
Net reversal (charge) of impairment and other provisions | 9 | 2,040 | (27,649) | 17,396 | (24,501) | |||
PROFIT (LOSS) BEFORE TAXATION AND CONTRIBUTIONS | 31,347 | (2,626) | 103,833 | 43,306 | ||||
Taxation and contributions | (1,393) | 160 | (4,677) | (1,802) | ||||
NET PROFIT (LOSS) FOR THE PERIOD | 29,954 | (2,466) | 99,156 | 41,504 | ||||
Attributable to: | ||||||||
29,948 | 99,139 | |||||||
Shareholders of the Bank | (2,473) | 41,477 | ||||||
Non-controlling interests | 6 | 7 | 17 | 27 | ||||
29,954 | (2,466) | 99,156 | 41,504 | |||||
Basic and diluted earnings per share attributable to | ||||||||
16.3 | 53.1 | |||||||
shareholders of the Bank (fils) | 10 | (1.2) | 20.9 | |||||
The attached notes 1 to 15 form an integral part of this interim condensed consolidated financial information.
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Commercial Bank of Kuwait KPSC published this content on 24 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 October 2023 08:05:07 UTC.