Gulf Bank's CEO Michel Accad says he expects the first and second quarters of this year to be difficult and challenging 'but we expect to be in the breakeven range', he told Bloomberg. The Kuwaiti lender, which lost about $1.3bn in derivatives trading, said its full-year net loss narrowed to KD28.1m ($97.6m) in 2009, compared with a loss of KD359.5m in 2008. Provisions requirements of KD111m for the credit portfolio led to the loss, the bank said.
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