Kuwait's Gulf Bank Q1 net profit slips 10 pct as bad loans weigh

Gulf Bank reported a 10% fall in first-quarter net profit on Monday, as provisions and impairment losses for bad loans rose.

  

DUBAI, May 16 (Reuters) - Gulf Bank , Kuwait's fourth-largest lender by assets, reported a 10 percent 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 8.77 million dinars ($29.09 million), compared to 9.78 million dinars in the year-earlier period, a bourse filing said.

It attributed the net profit fall to a 14 percent increase in provisions and impairment losses, without elaborating.

($1 = 0.3015 Kuwaiti dinars)

(Reporting by Tom Arnold; Editing by David French) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))

Keywords: GULF BANK RESULTS/Q1


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