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Gulf Bank posts 20% growth in profit in H1 2015 – Total shareholders’ equity increased to KD 525 million

Omar Alghanim

Omar Alghanim

KUWAIT: Gulf Bank yesterday announced a net profit of KD 18.7 million for the first half of 2015, up 20 percent from KD 15.6 million over the same period in 2014. Operating profits before provisions were KD 55.8 million against KD 53.7 million for the same period last year.

The Net Interest Margin and Fee income witnessed strong growth, which contributed to the overall improvement in the performance at the bank. The Capital Adequacy under Basel III stood at 15.3 percent against the regulatory requirement of 12.5 percent.

The bank’s non -performing Loans (i.e. ‘NPL’) ratio also continued to improve to 3.1 percent at the end H12015 decreasing from 5.1 percent a year earlier. The NPL total coverage ratio also increased to 307 percent at the end H12015, against a 225 percent coverage at the end of H12014. Commenting on the results, Omar Kutayba Alghanim, Gulf Bank’s Chairman said: “I am very pleased to report the steady progress the bank has made so far this year, recording 20 percent growth in net profit, and double digit growth in our core operating profit. Gulf Bank recently received an upgrade from Standard & Poor (S&P) where the bank’s long-term credit rating was raised to Afrom BBB+ with stable outlook.

This is yet another confirmation that the guidance of the Central Bank, the efforts of the Board and our staff supported by the trust of our customers are leading the bank in the right direction.” Cesar Gonzalez-Bueno, Gulf Bank’s CEO said “Our results for the first half of the year reflect the bank’s ability to deliver good results and the positive trend we have seen in previous quarters continues. We have made significant investments towards enhancing the bank’s infrastructure, systems and processes, we are also actively recruiting talent.

The product and services enhancement is advancing well and we will soon start seeing these coming to the market. Our sales force is active in the market and satisfying our customers. We all feel the momentum of a change in trend at the bank. “ Gulf Bank continually seeks to be innovative, to raise standards, and set the benchmark for banking excellence in the region. The bank is frequently honored with prestigious awards and accolades.

Most recently the bank won “Best Retail Bank in Kuwait” by The Asian Banker, “Best Retail Bank in Kuwait” and “Best Retail Customer Service Bank in Kuwait” awards from International Finance Magazine (IFM), “Best Commercial Bank” and “Best Innovation in Retail Banking” awards from International Banker, “Best Customer Experience Overall Branch” from Ethos Integrated Solutions, “Best Car Loan” and “Best Customer Service (Retail)” from Banker Middle East.

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This article was published on 14/07/2015