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Gulf Bank posts good operating profit for Q3 2009 The Bank enhances precautionary provisions
Kuwait – Oct 26, 2009: Announcing Gulf Bank operating results for the third quarter 2009, Mr. Michel Accad – GB Chief General Manager & Chief Executive Officer said that, during the third quarter of this year, Gulf Bank continued developing and growing its general banking activities, posting a good operating profit of KD 42 million for the period, including KD 13 million appreciation in the value of our international credit portfolio.
“In line with its conservative policy, and in view of the persistent negative circumstances affecting the credit portfolio, the Bank decided to take aggressive provisioning against its non-performing loans and credit facilities, particularly the regional portfolio, transferring all its operating profit to the existing provisions”, he added.
“In parallel, and while the Bank expects continued improvements in its business and operating results for the forthcoming period, it also feels that further precautionary provisions may be required if the general economic situation fails to improve. This may necessitate utilizing our operating profits up to the first half of next year to cover our provisioning requirements. Naturally, however, such provisions may be recovered in part in the future if circumstances improve”, Accad concluded.
