tag:blogger.com,1999:blog-5124857623766724513.post6098472539160162805..comments2024-01-13T08:27:40.266+00:00Comments on Suq Al Mal: Commercial Bank of Kuwait - New Board Leadership & Commentary on 1Q10 ResultsAbu 'Arqalahttp://www.blogger.com/profile/01296250358695456059noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-5124857623766724513.post-75893606505983673982010-05-19T03:48:56.770+01:002010-05-19T03:48:56.770+01:00Seems Personal. I understand that the additional p...Seems Personal. I understand that the additional provisions that the bank is required to take are just enough to turn a small profit to a loss with no reason given for how tha additional provision is arrived at. <br /><br />The financial controller at the bank has noted at investor conferences that the bank could manage its provision requirements over 2009 and 2010 using the operating profit it can generate and its own provisions that it set aside in earlier years.Unknownhttps://www.blogger.com/profile/10128750910727662828noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-91761868045239058042010-05-14T12:48:58.233+01:002010-05-14T12:48:58.233+01:00Advocatus you are well informed indeed! Since the ...Advocatus you are well informed indeed! Since the CB hired the new head of bank supervision (a former CBK employee), almost every one of CBK's quarterly financial statements has come in late (usually barely in time for the KSE's reporting deadline) as the regulator demands amendments to the provisioning CBK originally submitted.<br /><br />Now is this because he knows where the time bombs are and is being extra cautious, or is it more of a personal issue? Perhaps a combination of both?H AlEssanoreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-50821539727816045392010-05-13T02:31:42.381+01:002010-05-13T02:31:42.381+01:00Advocatus
As usual, thanks.
Any thoughts on the ...Advocatus<br /><br />As usual, thanks.<br /><br />Any thoughts on the recent rumor re Dabdoub? Someone playing in the market? Or is there more.<br /><br />As to the Family, my impression is that while there is one paramount godfather, the cadet branches are allowed scope for personal business activities. And sometimes there are rivalries. And sometimes erstwhile partners fall out and regroup into new blocs.Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-7675993912677567212010-05-12T18:42:17.042+01:002010-05-12T18:42:17.042+01:00The press release in English in The Arab Times use...The press release in English in The Arab Times uses the past tense that the strategy has been presented to the new board that was elected in April. The emphasis on Kuwait is perhaps because too much time/money had been spent in previous years looking at overseas acquisitions that were either too expensive or not a strategic fit. (Yemen anyone?).<br /><br />You have to remember that "The Family" are big in NBK that does overseas expansion very well. So they are perhaps just stressing the break with the previous management and clarifying that the bank is focussed on Kuwait. <br /><br />I understand that the bank is trying to manage the NPL impact of its poorly performing credit portfolio (again a legacy of ex CEO and ex Chairman?) by using its own provisions that it had built up from investment gains in earlier years but is being denied by Central Bank. <br /><br />There often seems no logic to decisions taken by Central Bank but if you look who heads up the supervision department at the regulator you will find an ex employee of Commercial Bank who perhaps left with a chip on his shoulder.Unknownhttps://www.blogger.com/profile/10128750910727662828noreply@blogger.com