Financial and Banking News
Loan Loss Provisions Absorb Entire Gulf Bank Income
The Gulf Bank of Kuwait last week released a very bleak set of 1985 results which showed that the entire KD18.1mn ($61mn) net income for the year had been set aside as loan loss provisions. There were no transfers to reserves and no dividend paid - an unprecedented event in recent Kuwaiti banking history. The bank reported a slight decline in total assets from KD1,881.7mn in 1984 to...