Gulf Bank KSC (GBK), the Kuwaiti lender that lost $1.3 billion on derivatives trading in 2008, posted a 36 percent drop in second-quarter profit as provisions rose.
Net income fell to 5.4 million dinars ($19 million), or 2 fils a share, from 8.5 million dinars, or 3 fils per share, a year earlier, the bank said in a statement to the Kuwait Stock Exchange today.
“The bank further increased the precautionary reserve by 34 million dinars to reach 124 million dinars, in line with its strategic plan to create a ‘fortress balance sheet’ and to further its capacity to grow and expand,” Kuwait’s third- biggest lender by market value said.
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