Kuwait's Gulf Bank posts 9% rise in Q2 net profit

Gulf state's fourth-largest lender says it made profit of over $24m in three months to end of June

Kuwait's Gulf Bank, the Gulf state's fourth-largest lender by assets, reported a 9 percent increase in second-quarter net profit on Tuesday.

Net profit for the three months to the end of June was KD6.87 million ($24.4 million), compared to KD6.3 million in the year-earlier period, according to Reuters calculations.

Gulf Bank didn't provide a quarterly breakdown so Reuters calculated the figure based on the bank's first-half financial statement. The figure missed the estimate of analysts at Arqaam Capital, who had forecast an KD8 million profit for the quarter.

The bank made a net profit of KD15.6 million in the opening half of 2014, up 9.5 percent on the corresponding period of last year, according to the statement.

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