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Gulf Bank posts operating profit of KD79.8m with net profit up by 10% to KD26.5m

Gulf Bank announced an operating profit before provisions of KD 79.8 million for the first nine months of 2014. Net profit was KD 26.5 million for the first nine months of 2014, up 10% against KD 24.1 million for the same period last year. As of end of September 2014, the Bank’s total assets were KD 5,192 million, deposits stood at KD 4,194 million and total shareholders’ equity was KD 509 million. The Bank increased its precautionary general provisions to KD201 million, an increase of KD 43 million during the period, and maintained its non-performing loans (i.e ‘NPL’) ratio, which now stands at 5.1% and has increased the total coverage ratio of non-performing loans to 238%.

Commenting on the results, Mr. César González-Bueno, Gulf Bank’s CEO said: “I am pleased to share with you our results for the third quarter of the year. These results reflect steady growth of the Bank’s net profit, and demonstrate Gulf Bank’s ability to grow and improve its profits in a highly competitive market. The Bank’s loans have grown by 13% and the capital adequacy is at 16.6% against the regulatory ratio of 12%. More importantly, the Bank is on track to finalize the restructuring started in 2008. The Gulf Bank team is ready for alternatives to further develop and better serve its customers both in wholesale and retail banking.”

Gulf Bank is frequently honored with prestigious awards and accolades’, most recently, the Bank has been recognized as the ‘Best Domestic Payments and Cash Management Bank in Kuwait’ by Asian Banker, ‘Best Domestic Retail Bank’ and ‘Best Human Resources Development’ awards for 2014 from Banker Middle East, STP Award from Citibank, Best Retail Bank from International Finance Magazine, amongst others.