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Tue 30 Oct 2012 05:44 PM

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Kuwait's Gulf Bank posts 5.6% rise in Q3 profit

Kuwait's fourth-largest lender says net profit for the quarter reached more than $34m

Kuwait's Gulf Bank posts 5.6% rise in Q3 profit

Gulf Bank, Kuwait's fourth-largest lender by market value, reported a 5.6 percent rise in third-quarter net profit, the bank said in a bourse filing on Tuesday.

Net profit for the three months ending September 30 was KD9.62m ($34.1m), compared with KD9.11m in the same period a year ago, the bank said in the statement.

Arqaam Capital had forecasted Gulf Bank would make a KD10m profit in the third quarter.

The bank's chief executive said in September that the lender had been selected as a lead manager to help finance two major energy projects in Kuwait.

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