Gulf Bank eyes operational profit this year

Kuwait's Gulf Bank expects to make an operating profit in 2010, which will help absorb additional provisions, after it narrowed its losses in 2009.

Gulf Bank said yesterday it made a net loss of KD28.07 million (Dh357.3m) in 2009, after booking KD111m against its credit portfolio.

"We expect the bank to show operating profits in 2010, sufficient to absorb any additional provisioning requirements," Gulf Bank's Chairman Ali al-Bader said.

The lender made a net loss of 21.05 million dinars in the fourth quarter of 2009.

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