Gulf Bank posts net profit KD 7.9 million for first quarter 2013

Gulf Bank today announced a net profit of KD 7.9 million for the first quarter of 2013, against KD 7.4 million for the same period last year. In continuing with the strategy to build a fortress balance sheet, the precautionary general reserve was increased to KD 159 million. As of end of March 2013, the Bank’s total assets were KD 4,966 million, deposits stood at KD 4,178 million and total shareholders’ equity was KD 460 million.   

Commenting on the results, Mr. Omar Alghanim, Gulf Bank’s Chairman said: “These results reflect our continued hard work and focus on our customer-centric strategy, which is based on providing the best and fastest banking services in town. I am particularly encouraged by the performance of Gulf Bank’s business groups, which have been major drivers of this success.   

“We will continue to maintain a balance sheet which is both strong enough to allow expansion and will protect the Bank against unforeseen changes in the market. The Bank is now in a strong position following the successful completion of its recovery plan.  Looking forward, our professional and dedicated management team has developed a robust corporate strategy that will grow our business, build our market share, and help to develop a leading position for Gulf Bank in the Kuwaiti economy.” 

 Referring to the recent improvement in Gulf Bank’s rating from Standard &Poor’s, Mr. Alghanim said: “The Bank’s credit rating has recently been upgraded by Standard & Poor's from BBB to BBB+, and they affirmed the Bank’s positive outlook. This was our second rating upgrade in 18 months, and during that time, no other bank in the region was upgraded by S&P. This is an outstanding accomplishment which proves the Bank’s stability and the robustness of its strategy in today’s market.” 

Mr Alghanim concluded by saying: “We will continue to focus on the needs of our customers, invest in our staff, develop our customer base, and deliver returns to our shareholders. At the same time, we will address new opportunities to grow and deliver excellence in corporate and consumer banking services, as well as seek to enhance the Bank’s reserves and financial capability.  

Gulf Bank was recognized as the Best Bank in Kuwait by The Banker, a leading Financial Times Publication, and has already won two  important industry awards in this quarter, including: ‘Best Retail Customer Service’ award from Banker Middle East, and ‘Best Retail Bank in Kuwait’ for the third consecutive year by The Asian Banker.