Gulf Bank reports 11% increase in net profit
Gulf Bank has announced today a net profit of KD 32.8 million for the first nine months of 2016 compared to KD 29.6 million earned during the same period in 2015, an increase of 11%.
Total shareholders’ equity has increased by 6% to KD 561 million compared to KD 529 million in the year earlier period while total assets grew by 4% to KD 5,621 million.
Credit costs (specific provisions plus write-offs less recoveries) have declined by 69% to KD 8.2 million in the first nine months of 2016 compared with KD 26.1 million over the same period in 2015. This decline indicates a continuous improvement in the Bank’s loan quality. The Bank’s total loan reserves on the balance sheet stood at KD 306 million. The Bank’s Capital Adequacy Ratio under Basel III is at 17.7%, which is well above the regulatory requirement of 14.0%.
Mr. Omar Kutayba Alghanim, chairman of Gulf Bank, said: “I’m happy to report Gulf Bank’s strong financial performance and I am gratified with our ability to continue to grow and maintain our strong capital position. The Bank’s double digit growth in net profit and strong capital adequacy ratio are the result of meeting a number of key strategic objectives and reflect the Bank’s strategy to deliver innovative, easy-to-use products, coupled with a superior customer experience.”