Global Investment House, leading Kuwait-based investment bank has reported a net loss of KD29 million (Dh 371 million) in the second three month period. The bank had recorded a net profit of KD47.5 million in the second quarter of fiscal 2008.

The bank stated in a communiqué that its losses and impairment from principal investments and real estate totaled KD 44million. Losses from share of results of associates were stood at KD 29.4 million; losses from share of results of associates decreased to KD1.5million compared to Q1 2009 losses of KD27.9 million. Fee, interest and dividend income contributed KD18.2 million to the operating income during first half of fiscal 2009.

Global's total assets amounted to KD1.011.3 billion and net assets of KD213m. Total assets under management amounted to KD2.07bn.

In a separate release, Global has informed that personnel expenses have witnessed slump of 53% to KD 4.6 million in the first half of fiscal 2009. Staff costs have dropped by 14.6% during the second quarter and other operating costs plunged by 11.2 per cent as compared to Q1 2009 as a result of continued cost rationalisation efforts.