Wednesday 2 February 2011

UPDATE 1-Kuwait's Gulf Bank swings to Q4, yearly profit | Reuters

Kuwait's Gulf Bank (GBKK.KW), which was rescued by the Kuwaiti central bank two years ago during the financial crisis, swung to fourth quarter and full year profit, it said on Wednesday.

Gulf Bank had net profit of 8.66 million dinars in the fourth quarter, according to Reuters calculations, reversing a net loss of 21.05 million dinars in the prior-year period.

The bank earned 2010 net profit of 19.06 million dinars against a net loss of 28.07 million dinars in 2009, according to a statement to the bourse on Wednesday.

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