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Kuwait’s Gulf Bank 2013 Net Profit Up 4%

Kuwait’s Gulf Bank 2013 Net Profit Up 4%

Full-year net profit was 32.16 million dinars compared with 30.89 million dinars in the same period a year ago.

Kuwait’s Gulf Bank reported a four per cent rise in 2013 net profit on Tuesday and said it would pay a dividend of five per cent through an issue of bonus shares.

Kuwait’s fourth-largest lender by assets said full-year net profit was 32.16 million dinars ($113.94 million), compared with 30.89 million dinars in the same period a year ago.

It gave no quarterly figures and did not give details on who would succeed chief executive Michel Accad, announced in October that he was resigning for personal reasons.

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