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Mon 26 Jul 2010 04:42 PM

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Gulf Bank records $5m profit for Q2

Net profit in the first half to June 30 came in at KD2m, Kuwaiti Bank said in a statement Monday.

Kuwait's Gulf Bank posted a net profit of KD1.48m ($5.14m) for the second quarter after a loss of KD9.1m a year earlier.

Net profit in the first half to June 30 came in at KD2m, Gulf Bank said in a statement on Monday.

Reuters calculated the second-quarter net profit based on the bank's first-quarter net profit of KD524,000.

Chairman Ali al-Bader said he hoped the coming period "will witness an improvement in the net profit, which is of course, in part dependent on the economic situation."

Gulf Bank was rescued by the central bank in 2008 after derivatives losses and sovereign wealth fund Kuwait Investment Authority (KIA) owns a 16 percent stake.

Its troubles prompted the government to guarantee all deposits in local banks to restore confidence.

The bank said most of its first-half operating profit "was retained to meet the provisions for the risk of credit facilities portfolio".

Its mid-year operating profit of KD87.1m fell from KD51.1m a year earlier.

Gulf Bank's shares closed up 2.3 percent on Monday. The results were released after the market closed. (Reuters)

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