Kuwait's Global posts Q4 loss of $1.36bn

Impairment charges for investments and loans affects performance of Kuwait's biggest investment bank.
Kuwait's Global posts Q4 loss of $1.36bn
By Rania El Gamal and Ulf Laessing
Sun 26 Apr 2009 03:31 PM

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)

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