Kuwait’s Gulf Bank Q1 net profit slips 10% as bad loans weigh

DUBAI: Gulf Bank, Kuwait’s fourth-largest lender by assets, reported a 10 per cent fall in first-quarter net profit on Monday, as provisions and impairment losses for bad loans rose. Net profit for the three months to March 31 was 8.77 million dinars ($29.09 million, Dh106.8 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 per cent increase in provisions and impairment losses, without elaborating.