On Sunday, Kuwait's Gulf Bank posted a net loss of 524,000 Dinars ($1.82 million) in the first quarter of 2010 after earnings of 1.6 million Dinars during the same period a year back.

A statement on the Kuwaiti bourse website on Sunday did not disclose a reason for the loss.

According to a Reuter’s survey, analysts at Global Investment House had predicted Gulf Bank to report net revenue of 8 million Dinars in the first quarter.

Gulf Bank was saved by the Central Bank in 2008 after derivatives losses. Its problems provoked the Government to promise all deposits in local banks to reinstate self-assurance.

The lender, in which sovereign wealth fund, Kuwait Investment Authority (KIA) has a 16% stake, generated a net loss of 28.07 million Dinars in 2009.

It said in the statement that while total assets stood at 4.5 billion Dinars in the first three months to March 31, investor equity came in at 397.35 million Dinars.

Consequently, Gulf Bank's shares fell 1.3% at 0616 GMT after the results were made public.