Gulf Bank 2011 profit jumps 60pc
Dubai, February 12, 2012
Kuwait's Gulf Bank reported a 60 per cent jump in full-year net profit in 2011, the bank said in a bourse statement on Sunday, despite a significant decline in fourth-quarter earnings compared to the same period in 2010.
The bank, which was rescued by Kuwait's central bank in 2008 after suffering big losses related to derivatives trading, made a KD30.6 million ($110 million) profit in 2011, compared to KD19.1 million in the previous year, the filing said.
However, fourth-quarter profits slumped to KD3.2 million in 2011 from KD8.7 million in the final three months of 2010, according to Reuters calculations.
Reuters calculated the fourth quarter profit from previous financial statements. Gulf Bank did not provide a quarterly figure.
The board of directors has proposed a 5 per cent share dividend for 2011, the statement added.
The lender's shares closed flat on Sunday at KD0.485. The results were released after the market closed.
Standard & Poor's raised its long-and short-term ratings on Gulf Bank to 'BBB/A-2' from 'BBB-/A-3' and revised the outlook on the long-term rating to positive from stable in December.
The rating agency cited the bank's moderate business position, adequate capital and earnings, weak risk position, average funding, and adequate liquidity. – Reuters
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