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KuwaitAEs Gulf Bank posts 1.24 bln dlrs in loss.

Summary: KUWAIT CITY - KuwaitAEs Gulf Bank on Saturday posted a net loss of 359.5 million dinars (1.24 billion dollars) for last year, mostly due to heavy losses from derivatives deals.

In 2007, Gulf Bank, the second biggest lender in Kuwait, posted a net profit of 130.4 million dinars (450 million dollars).

But in October, the bank announced losses of 375 million dinars (1.3 billion dollars) when a number of its clients defaulted .

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Publication:Khaleej Times (Dubai, United Arab Emirates)
Article Type:Financial report
Date:Mar 23, 2009
Words:93
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