July 15, 2014 / 12:56 PM / in 3 years

Kuwait's Gulf Bank Q2 net profit rises 9 pct

DUBAI, July 15 (Reuters) - Kuwait’s Gulf Bank, the Gulf state’s fourth-largest lender by assets, reported a 9 percent increase in second-quarter net profit on Tuesday.

Net profit for the three months to the end of June was 6.87 million dinars ($24.4 million), compared to 6.3 million dinars in the year-earlier period, according to Reuters calculations.

Gulf Bank didn’t provide a quarterly breakdown so Reuters calculated the figure based on the bank’s first-half financial statement. The figure missed the estimate of analysts at Arqaam Capital, who had forecast an 8 million dinar profit for the quarter.

The bank made a net profit of 15.6 million dinars in the opening half of 2014, up 9.5 percent on the corresponding period of last year, according to the statement. ($1 = 0.2819 Kuwaiti Dinars) (Reporting by David French; Editing by Andrew Torchia)

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