Gulf Bank Q2 profit jumps to $31 million
Kuwait, July 28, 2011
Kuwait's Gulf Bank has reported a second quarter net profit of KD8.5 million ($31.1 million), compared to KD1.4 million in the same period last year.
Net income in the first half of the year was KD18.3 million, up from KD1.98 million in the year earlier period, the lender said in a statement on the Kuwaiti bourse website.
The bank has been steadily recovering from its 2008 crisis, when it faced big losses related to derivatives, and its chairman said earlier this year that it had covered all residual losses stemming from 2008. – Reuters