Kuwait's Gulf Bank (GBKK.KW) expects the third quarter of this year to be a turnaround quarter as it executes a two-year plan to rebuild itself, its chief executive said on Tuesday. 'What everybody expects, is that this (third quarter) will be the turnaround quarter... and going forward every quarter should be slightly better than the previous one,' Michel Accad said at the Reuters Middle East Investment Summit in Kuwait. Gulf Bank was rescued by the Kuwaiti central bank in 2008, after about 260 million dinars ($921.6 million) of derivatives losses. Its troubles prompted the government to guarantee all deposits in local banks to restore confidence. The lender made a net profit of 1.48 million dinars in the second quarter this year, from a 9.1 million dinars loss a year earlier."
No comments:
Post a Comment