Bank of Bahrain and Kuwait Q2 profit rises 32%

Bank of Bahrain and Kuwait (BBK), in which Kuwaiti investment bank Global Investment House is a major investor, posted a 32 percent rise in second-quarter net profit on Sunday.
Net profit in the three months to June 30 was 13.1 million dinars ($34.75 million), or 16 fils per share, compared with 9.93 million dinars, or 14 fils per share, a year earlier, the bank said in a statement on the Kuwait bourse website.

BBK did not give a reason for the profit surge. Profit in the first half was 24.17 million dinars, it said.

Global, Kuwait's biggest investment bank by market value, has raised its stake in BBK and now owns 18.1 percent of the lender, bourse data showed. Global has said it was seeking a stake of 40 percent in BBK.

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