Gulf Bank Q1 Net Profit Slips 10 Percent As Bad Loans Weigh

Gulf Bank, Kuwait's fourth-largest lender by assets, reported a 10 percent fall in first-quarter net profit on Monday, as provisions and impairment losses for bad loans rose.

Net profit for the three months to Mar. 31 was KD8.77 million ($29.09 million), compared to KD9.78 million in the year-earlier period, a bourse filing said.

It attributed the net profit fall to a 14 percent increase in provisions and impairment losses, without elaborating.

 

SOURCE : ARABIANBUSINESS

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