Financial and Banking News
Kuwait Asia Hold Profits by Cost-cutting
The Bahrain-based Kuwait Asia Bank (KAB) has managed to hold its net profitsteady at $6.6mn by streamlining its operations, extensive cost-cutting andshrinking its balance sheet. The bank has cut its loan portfolio to $67.5mn -less than a third of the level three years ago. Assets shrank by 11.8% last yearas a result, to $272.9mn. KAB suffered a major deterioration in the quality...