Sunday 22 March 2009

Kuwait's Gulf Bank posts Q4 loss as crisis bites

Kuwait's troubled Gulf Bank today posted a fourth-quarter loss of 445.5 million dinars (Dh5.7 billion), citing losses on derivatives transactions as it was hit by the global financial crisis.

Kuwait's fourth-largest bank by market value said it made a full-year net loss of 359.5m dinars, compared with a net profit of 130.4m dinars the previous year.

Gulf Bank did not provide quarterly data, which has been calculated from nine-month financial statements showing a profit of 86m dinars in the first nine months of 2008. In 2007, the bank made a fourth-quarter net profit of 25.35m dinars.

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