Gulf Bank Profit 2012: 11% Increase of Operating Profit to KD 91.1 Million
Gulf Bank Highlights: Operating profit of KD 91.1M, representing a 11% increase over the previous year. Net Profit of KD 22.4M, against KD 27.4M in the previous year. Precautionary general provisions up by KD 46M to KD 136M.
Kuwait – October 31, 2012: Gulf Bank, the second largest bank in Kuwait and a provider of the best and fastest service in Kuwait, today announced an operating profit of KD 91.1 million before provisions for the first nine months of 2012, compared to KD 82.2 million for the corresponding period last year. In line with the strategy, the Bank increased its precautionary general provisions by KD 46 million to reach KD 136 million. The Bank’s net profit for the period was KD 22.4 million against KD 27.4 million over the same period in 2011 due to transfers to the precautionary general provisions. As of the end of September 2012, the Bank’s total assets reached KD 4,828 million, deposits were at KD 4,059 million, and earnings per share for the first nine months of 2012 was 9 fils.
“Gulf Bank’s performance has been driven by its consistent growth strategy, customer centric focus and financial discipline.”
Mr. Mahmoud Al-Nouri, Gulf Bank’s Chairman, said: “Gulf Bank’s performance has been driven by its consistent growth strategy, customer centric focus and financial discipline.”
“We continue to set the industry benchmark for outstanding customer service with our ‘We Promise’ program, while maintaining world-class operating efficiency and enjoying solid and consistent growth in our market share. Meanwhile, we continue to build our fortress balance sheet by transferring part of the operating profit to enhance precautionary general provisions to meet any unexpected economic circumstance at the local and global levels,” he added.
“Over the last year, both the global and local markets have delivered challenges which require us to be flexible and fast-moving. The highly professional team of executive management and staff at Gulf Bank are well-positioned to address this rapidly evolving environment and maximize the opportunities it presents.
“I thank the management, staff and Board Members for their contribution thus far, and as we move into the fourth quarter of 2012 we look forward to a good financial year end while start our preparation for the year ahead,” he concluded.
In 2012, Gulf Bank has frequently been recognized, regionally and internationally, across a number of disciplines, winning numerous prestigious awards. These include the ‘Localization Award’ from the GCC Ministry of Social Affairs for the eighth consecutive year for the employment, development and training of nationals, ‘Best HR Strategy in line with Business’ and ‘Excellence in Training’ awards at the Asia’s Best Employer Brand Awards, and ‘Best Marketing Campaign of the Year’ at the Third Asia’s CMO Awards.
This press release has been issued by Gulf Bank.