The bank, which was rescued by Kuwait’s central bank in 2008 after suffering big losses related to derivatives trading, made a 30.6 million dinars ($110 million) profit in 2011, compared to 19.1 million dinars in the previous year, the filing said.

However, fourth-quarter profits slumped to 3.2 million dinars in 2011 from 8.7 million dinars in the final three months of 2010, according to Reuters calculations.

Reuters calculated the fourth quarter profit from previous financial statements. Gulf Bank did not provide a quarterly figure.

The board of directors have proposed a 5 percent share dividend for 2011, the statement added.

The lender’s shares closed flat on Sunday at 0.485 dinars. The results were released after the market closed.

Standard & Poor’s raised its long-and short-term ratings on Gulf Bank to ‘BBB/A-2’ from ‘BBB-/A-3’ and revised the outlook on the long-term rating to positive from stable in December.

The rating agency cited the bank’s moderate business position, adequate capital and earnings, weak risk position, average funding, and adequate liquidity.