Gulf Bank’s Performance in 2012

Michel Accad, CEO of Gulf Bank, offers intriguing insights into the financial performance of Gulf Bank.

In 2011, Gulf Bank increased its net profitability by roughly 60% from just under KD 20 million in 2010 to over KD 30 million.

Gulf Bank’s target for 2012 is to grow faster than the Kuwaiti market grows. Also, Gulf Bank works hard to become a dominant player in the local retail and commercial banking space. To become a dominant player, a bank is required to achieve15% market share. Gulf Bank currently enjoys 11-12% market share (depending on a specific product).

Q1 financial results:
Net profit of KD 7.4 million for the first quarter of 2012 against KD 3.2 million in the previous quarter and KD 9.8 million for the same period last year. Gulf Bank further increased the general reserve by KD 14 million and so reached KD 104 million, in line with its strategic plan to create a “fortress balance sheet”.

By the end of March 2012, Gulf Bank’s total assets reached KD 4,907 million, deposits amounted to KD 4,139 million whilst total shareholders’ equity measured up to KD 437 million.

Interview: Gulf Bank of Kuwait: 2nd Largest Bank in Kuwait