Global Investment House, Kuwait's biggest investment bank, posted a KD360.5m ($1.36bn) loss in the fourth-quarter mainly due to impairment charges for investments and loans.
It made a full-year net loss of KD257.6m in 2008 compared to a profit of KD91.4m a year earlier, Global said in a statement on Sunday.
Reuters calculated fourth-quarter loss based on previous financial data which showed net profit in the first nine months of KD102.9m.
The figure compares to fourth-quarter profit of KD29.47m in the same period in 2007, according to Reuters data. (Reuters)For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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