Ahmad Mohammad Al-Bahar:

• Gulf Bank delivered a positive performance, demonstrating resilience and commitment to advancing the Bank’s strategic direction.
• Kuwait’s focus on advancing economic reforms and national priorities reinforced our view of the country’s prospects.
• Progress in the real estate financing framework is expected to create new opportunities for the banking sector.
• The strength of our balance sheet, together with the significant milestones achieved, provides a solid foundation for Gulf Bank's growth journey

Sami Mahfouz:

• Our performance reflects the strength of Gulf Bank’s core franchise in driving tangible and sustainable growth.
• We maintained business momentum through strong corporate lending while further enhanced customer experience and digital capabilities.
• Net loans and advances grew by 7% while preserving asset quality and credit discipline.
• The completion of the required regulatory preparations for the Islamic conversion marked an important milestone in our transformation journey.

Gulf Bank K.S.C.P. announced its financial results for the first nine months ending 30 September 2026. The Bank reported a net profit of KD 41.9 million, an increase of KD 3.5 million or 9.1% compared to 2025 first nine months net profit of KD 38.4 million.

In addition, Gulf Bank recorded an operating income of KD 143.1 million for the first nine months of 2026, representing an increase of 1.8% compared to the same period of last year.

For the third quarter ended 30 September 2026, Gulf Bank reported a net profit of KD 14.4 million and operating income of KD 48.8 million, broadly in line with the levels achieved at the same period of the prior year.

The improvement in net profit for the first nine months of 2026 is attributed to the increase in net interest income of KD 3.0 million or 2.7% coupled with an improvement in total provisions and impairment losses, which declined by KD 6.9 million or 24% year-on-year when compared to the same period of 2025. This improvement was partly offset by a KD 5.7 million increase in operating expenses and a modest reduction in non-interest income.

As for asset quality, the non-performing loans (NPL) ratio was 1.2% as of 30 September 2026, compared to the prior year level of 1.4%. Additionally, the Bank continues to have significant non-performing loans coverage ratio of 334% including total provisions and collaterals.

Total credit provisions as of 30 September 2026 reached KD 252 million whereas IFRS 9 accounting requirements (i.e., ECL or expected credit losses) were KD 163 million. As a result, the Bank has a healthy excess provision level of KD 89 million, above and beyond what is required by the IFRS9 accounting requirements.

Compared to 31 December 2025, total assets increased by 2.4% to KD 7.9 billion, whereas net loans and advances increased by 7.0% to KD 6.3 billion. On the other hand, total deposits stood at KD 5.8 billion and total Shareholders’ equity reached KD 860 million.

The Bank’s regulatory Tier 1 ratio of 13.7% was 270 basis points above the regulatory minimum of 11% and the Capital Adequacy Ratio (CAR) of 15.7% was 269 basis points above the regulatory minimum of 13%.

Economic Resilience

Commenting on the financial results for the first nine months of 2026, Gulf Bank Chairman Mr. Ahmad Mohammad Al-Bahar stated: “Gulf Bank delivered a positive performance during the first nine months of 2026, with net profit reaching KD 41.9 million, representing an increase of 9.1% compared to the corresponding period of 2025. The results highlight the resilience of our business in an evolving operating environment and our commitment to executing the Bank's strategic direction”.

He added: “During the third quarter, Kuwait remained firmly focused on advancing its economic reform agenda and long-term national priorities despite uncertainty across regional conflicts. We are encouraged by the momentum achieved during the period, most notably the progress of the Real Estate Financing framework and the qualification of 22 consortiums under the Real Estate Developer Program. These initiatives mark an important step toward addressing Kuwait’s housing needs, stimulating market activity, and creating new opportunities for the banking sector in the years ahead.”

Business Momentum

Commenting on Gulf Bank’s operational performance, Acting Chief Executive Officer Mr. Sami Mahfouz said: “Our performance reflects the successful execution of our strategy and the strength of Gulf Bank’s core franchise in driving tangible and sustainable growth. We maintained business momentum through strong corporate lending while further enhanced customer experience and digital capabilities. These efforts supported the continued expansion of our balance sheet during the first nine months of 2026, with net loans and advances increasing by 7.0% to KD 6.3 billion and total assets growing by 2.4% to KD 7.9 billion. This expansion was achieved while preserving strong asset quality and credit discipline.”

He added: “The third quarter marked an important milestone in Gulf Bank's strategic transformation journey. Following the completion of the required regulatory and operational preparations, the Bank announced the submission of its request to the Central Bank of Kuwait to proceed with the next phase of its planned conversion to an Islamic bank. This achievement reflects the significant progress made across multiple workstreams and represents a key step toward broadening our product range and delivering greater value to all stakeholders. Looking ahead, our focus remains on executing the next phase of the conversion process while continuing to support business growth across the Bank's key segments."

Credit Ratings

Gulf Bank’s financial strength and operational resilience were affirmed by leading credit rating agencies. Fitch Ratings affirmed the Long-Term Issuer Default Rating (IDR) of ‘A’ with a Stable Outlook, while Moody’s affirmed the Bank’s long-term deposits at ‘A3’ with a Stable Outlook. Capital Intelligence has also affirmed the Long-Term Foreign Currency rating of ‘A+’ with a Stable Outlook, further highlighting the Bank’s stability and sound risk management practices.

Awards

During the third quarter of 2026, Gulf Bank continued to receive recognition for its commitment to innovation and customer excellence. The Bank received a number of regional awards, including “Best Loyalty & Rewards Program”, “Branch Innovation”, and “Gen Z Product”, awards from Asian Banking & Finance, reflecting its continued focus on enhancing customer experience and delivering innovative banking solutions.

Appreciation

Mr. Al-Bahar concluded: “As we approach the end of 2026, we will build on the progress achieved during the year and advance the Bank's key strategic initiatives. The strength of our balance sheet, together with the significant milestones achieved across a number of priorities, provides a solid foundation for the next phase of Gulf Bank's growth journey. On behalf of the Board of Directors, I would like to thank our shareholders and clients for their continued confidence, our employees for their dedication, and the regulatory authorities for their continued guidance and support”.

Key Financial indicators for the first Nine months 2026:

1. First Nine months 2026 net profit of KD 41.9 million, an increase of 9.1% compared to last year.
2. First Nine months 2026 operating income of KD 143.1 million, up 1.8% year on year.
3. Net loans and advances grew by 7.0% year-to-date to reach KD 6.3 billion.
4. Non-performing loan ratio as of 30 September 2026 was 1.2%, with a non-performance loan coverage ratio of 334% including total provisions and collaterals.
5. Capital ratios as of 30 September 2026, Tier 1 ratio was 13.7% and Capital Adequacy Ratio (CAR) was 15.7%.