Kuwait’s Gulf Bank Q3 Net Profit Gains 11.2%, Beats Estimates

The bank made a net profit for the three months to the end of September of KD10.9 million ($37.8 million), compared to KD9.8 million in the year-earlier period.



Kuwait’s Gulf Bank, the Gulf state’s fourth-largest lender by assets, reported a 11.2 per cent rise in third-quarter net profit on Sunday, according to Reuters calculations.

The bank made a net profit for the three months to the end of September of KD10.9 million ($37.8 million), compared to KD9.8 million in the year-earlier period.

Gulf Bank didn’t provide a quarterly breakdown so Reuters calculated the figure based on the bank’s financial statement for the first nine months of the year.

Net profit for the first nine months of the year rose by 10 per cent to KD26.5 million, compared to KD24.1 million in the year-earlier period, the bank said.

Global Investment House had forecast a third-quarter net profit of KD10.1 million, while EFG Hermes forecast a net profit of KD8.3 million.

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