Gulf Bank Q2 net profit rises 34.4pc
KUWAIT, July 24, 2016
Gulf Bank, Kuwait's fourth-largest lender by assets, reported a 34.4 percent rise in second-quarter net profit on Sunday, as income from fees and investments edged higher.
Net profit for the three months to June 30 was KD11.93 million ($39.41 million), compared to KD8.88 million in the year-earlier period, a bourse filing said.
Arqaam Capital had forecast Gulf Bank would make a quarterly profit of KD8 million.
It attributed the net profit rise to an increase in fees and commission income and investment income. Fees and commission income reached KD7.96 million, up from KD7.55 million in the same period of last year.
This helped offset a 2.3 percent year-on-year dip in net interest income to KD29.37 million.
For the first half of the year, the bank's net profit increased 11 percent to KD20.7 million, compared to KD18.7 million in the same period of last year. - Reuters