About Us
Newsroom
Reports
Awards & Ratings
Information
RSS FeedsNewsroom
Gulf Bank Reports First Half Operating Profit of KD 87.1 Million
Kuwait – 26th July, 2010: Gulf Bank today announced a notable improvement in its
operating profit for the first half of this year, amounting to KD 87.1 million (including
KD 42.8 million for the second quarter of the year), compared to KD 51.1 million in
the first half of 2009, an increase by 70%. Gulf Bank stated that, according to its
conservative policy, most of this profit was retained to meet the provisions for the
risk of credit facilities portfolio. The Bank also announced posting KD 2 million of
net profit for the first half, compared to a loss of KD 7.5 million for the first half
of 2009 (KD 22 million of this operating profit came from the disposal of part of the
international investment portfolio).
Mr. Ali Al-Rashaid Al-Bader, Chairman of Gulf Bank, said: “The Bank’s provisional
requirements up to end of June 2010 have been provided for. We hope that the
forthcoming periods will witness an improvement in the net profit, which is of course,
in part, dependent on the economic situation.”
“Gulf Bank has continued its efforts to upgrade and develop its loan and investment
portfolio. The Bank has also continued to actively manage its portfolio of irregular
loans and investments, thereby promoting confidence in the Bank’s ability to generate
future profit and positively deal with the outcome of such loans and investments. The
additional provisions taken in the first half as a precautionary measure against the
impact of the global financial crisis, coupled with the Bank’s prudent policies, offer
further confidence in the standing and prospects of its operations.” Concluded
Al-Bader.
Gulf Bank was recently named the “Best Retail Bank” by Arabian Business magazine due to its commitment to customer service,
profitability, growth and product innovation, and has also been awarded the coveted “Best PR Campaign”, “Best Bank Customer
Contact Center”, Best Product, Best Employer, and the GCC Localization Award for the 5th consecutive year. These awards
recognize the Bank’s remarkable success and are a testament to the progress over the course of the year.
