Gulf Bank profit jumps 7.4% in Q4

dubai— Gulf Bank, Kuwait’s fourth-largest lender by assets, on Monday reported a 7.4 per cent rise in fourth-quarter profit.

Net profit for the three months to December 31 was KD10.1 million ($33.1 million), compared with KD9.4 million in the year-earlier period, according to Reuters’ calculations based on financial statements in lieu of a quarterly breakdown.

Net profit was KD42.9 million for the full-year of 2016, according to a bourse filing, compared with KD39 million for the previous year.

The bank’s board proposed a cash dividend of seven fils per share for 2016. This compares with the 2015 payout of fou fils per share. — Reuters