Kuwait's Gulf Bank (GBKK.KW) said bad loans would weigh on profits through mid-2010 on Sunday after it used all of the 42 million dinars ($147.1 million) of operating profit from the third quarter as provisions.
The bank did not publish a figure for net loss or net profit for the third quarter ending Sept. 30.
"The bank decided to take aggressive provisioning against its non-performing loans and credit facilities, particularly the regional portfolio, transferring all its operating profit to the existing provisions," the lender's Chief Executive Michel Accad said in the statement.
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