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Kuwait’s Gulf Bank Q1 net profit slips 10 per cent as bad loans weigh

Gulf Bank, Kuwait’s fourth-largest lender by assets, reported a 10 per cent fall in first-quarter net profit on Monday, as provisions and impairment losses for bad loans rose.

 

Net profit for the three months to Mar. 31 was KWD8.77 million ($29.09 million), compared to KWD9.78m in the year-earlier period, a bourse filing said.

 

It attributed the net profit fall to a 14 per cent increase in provisions and impairment losses, without elaborating. ($1 = KWD0.3015)