Kuwait's Gulf Bank (GBKK.KW) posted on Tuesday first- quarter net profit of 9.8 million Kuwaiti dinars ($35.43 million), up sharply from 0.5 million Kuwaiti dinars a year before.
"By the end of the first quarter of this year, the bank successfully covered, in full, its residual losses from 2008," said Ali Al-Rashaid Al-Bader, Gulf Bank's chairman, in a statement sent to Reuters announcing the results.
"The bank continued to improve its quarterly profits with good rates, reflecting the general improvement in the bank's core banking and credit activities, and the general improvement in the national economic conditions," he said.
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