Gulf Bank records an increase of 18% in Net Profit for the First Half of 2018
[via Gulf Bank]
Kuwait City, Kuwait: Gulf Bank K.S.C.P. announced its financial results for the first half of 2018. The Bank recorded a net profit of KD 27 million in the first 6 months of 2018, an increase of 18% over the same period in 2017. The Bank generated net interest income of KD 77 million during the first half of 2018, 21% above the prior year and operating income of KD 97 million, 8% over the same period in 2017. The operating profit before provisions / impairment losses was KD 65 million during the first half of 2018, recording growth of 8%, over the same period in 2017.
Total general provisions on the balance sheet were at KD 220 million, representing nearly 36% of shareholders’ equity as at 30 June 2018, and total assets increased by 4% to KD 5.84 billion compared to 30 June 2017. Total equity reported at the end of June of 2018 was KD 600 million.
Commenting on the results, Mr. Omar Kutayba Alghanim, Gulf Bank’s Chairman said: “We are pleased with our Bank’s solid performance for the first half of 2018. These great results highlight the Bank’s progress quarter after quarter, and confirm that we are on the right track in delivering sustainable results.” On the inclusion of Gulf Bank to MSCI Frontier Markets Index, Mr. Alghanim said:” This is great news to Gulf Bank’s shareholders. The inclusion of Gulf Bank shares in the MSCI Frontier Markets Index during its May 2018 semiannual review will attract international investors and support the liquidity and attractiveness of Gulf Bank’s shares.”
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