Kuwait's Gulf Bank said on Wednesday it had more than doubled its net profit in the fourth quarter and recommended the distribution of five percent bonus shares.

Net profit was KD8.5 million ($30.2 million) for the three months to the end of December, compared to KD3.2 million in the same period a year ago, the bank said in a statement.

The bank's total assets were KD4.8 billion dinars while deposits were 4.1 billion as of Dec. 31, the company said.-Reuters