Commercial Bank of Kuwait (CBK) made a net profit of KD810,000 ($2.92 million) in 2011, down from KD40.5 million in the prior year period, according to a company statement.

The board recommended that no dividend be paid out for 2011, said the statement posted on the bourse website.

The lender reported a nine-month profit of KD8.3 million in October.

CBK shares ended 1.4 per cent higher on Sunday, outperforming the broader index which ended almost flat. Earnings were reported after the bourse closed. – Reuters