Financial and Banking News
Gulf Bank Profits Recover as Assets Shrink
Gulf Bank of Kuwait has announced a net profit of KD4.36mn ($15.6mn) for 1986 after breaking even in 1985, and has been permitted by the Central Bank to lift its bonus share payout from 6% to 9%. No cash dividend is being paid for the second successive year. In 1985 all of the banks KD18.1mn operating income was set aside to cover costs and provision for bad and doubtful debt. As a result of the Central...