Mubasher: Commercial Bank of Kuwait (CBK) on Tuesday posted a 1,166.5% year-on-year hike in profits for the first quarter of 2018.

Net profits soared to KWD 10.07 million ($33.47 million) in the three-month period ended March 2018, versus KWD 795,000 ($2.64 million) in Q1-17, according to a bourse filing.

Earnings per share (EPS) amounted to 6.2 fills in Q1-18, compared to 0.5 fils for Q1-17, the Kuwait-based lender noted. 

The Boursa Kuwait-listed bank attributed this leap in quarterly profits to an increase in net interest income, deals in foreign currencies, a growth in other operational earnings, and a decline in allowances.

CBK had previously reported a 10% growth in profits for the full-year 2017, recording a net profit of KWD 55.43 million, compared to KWD 50.4 million in the year before.