Gulf Bank’s concludes Annual General Meeting – Chairman Omar Alghanim: “Gulf Bank is well placed to continue to develop and innovate”
[via Kuwait Times]
KUWAIT: Gulf Bank today held its Annual General Meeting (AGM) at the Movenpick Hotel, Kuwait, where shareholders approved the company’s audited financial results for the year ended 31 December 2015 and endorsed the recommendation of Gulf Bank’s Board of Directors for a cash dividend of 4 fils per share.
Commenting on the 2015 results, Omar Kutayba Alghanim, Gulf Bank’s Chairman said: “As we celebrate the 55th anniversary of the founding of Gulf Bank, it gives me great pleasure to report to you on the Bank’s performance and progress. We have transformed the Bank quite dramatically since 2012. Today we have a much stronger Consumer Banking franchise, a more diversified Wholesale Banking business, reduced our concentration on the real estate and non-bank financial sectors, reduced non-performing loans, and increased our loan loss coverage. Overall, this has resulted in a much stronger capital base with a higher level and quality of earnings.