Gulf Bank posts 36% profit drop

KUWAIT CITY- Kuwait’s Gulf Bank posted a 36 per cent drop in second-quarter profit as provisions rose.

Net income fell to KD5.4 million ($19 million), or two fils a share, from KD8.5 million, or three fils per share, a year earlier, the bank said in a statement to the Kuwait Stock Exchange on Monday.

“The bank further increased the precautionary reserve by KD34 million to reach KD124 million, in line with its strategic plan to create a ‘fortress balance sheet’,” it said.

Gulf Bank is delivering “good results, despite the difficult economic conditions,” chairman Mahmoud Al Nouri said in the statement.

More news from Markets