Kuwait's Gulf Bank reports steep rise in Q4 net profit

KUWAIT Wed Jan 23, 2013 7:09am EST

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KUWAIT Jan 23 (Reuters) - Kuwait's Gulf Bank said on Wednesday it had more than doubled its net profit in the fourth quarter and recommended the distribution of five percent bonus shares.

Net profit was 8.5 million dinars ($30.2 million) for the three months to the end of December, compared to 3.2 million in the same period a year ago, the bank said in a statement.

The bank's total assets were 4.8 billion dinars while deposits were 4.1 billion as of Dec. 31, the company said.

($1 = 0.2818 Kuwaiti dinars) (Reporting by Sylvia Westall; Editing by Amran Abocar)