Gulf Bank profit rises 7pc to $121m
Kuwait, April 21, 2008
Gulf Bank’s net profit rose 7.1 per cent to $121.5 million for the first three months of 2008.
Operating income rose by 10pc to $174.7 million, on the strength of a 24pc increase in non-interest income. The bank’s total assets grew 21.6pc to $19.2 billion.
“While the result confirms that our strategy continues to create value for our shareholders, it also signals that the banking environment is in a transition phase,” said Chairman Bassam Alghanim.
“It is clear that we are entering a period of measured credit growth as a result of recent regulatory and monitory policy changes aimed at controlling inflation in Kuwait. Gulf Bank is well positioned to prosper in this environment given the efficient platform we have for delivering the highest quality banking services to our growing customer base,” he said.
Gulf Bank’s earnings per share increased 5.8pc to 9.8 cents over the first quarter of 2007. Return on Assets and Return on Equity remained very strong at 2.6pc and 30.2pc, respectively.
“We continue to see opportunities to grow locally and are concentrating on expanding our range of products further to serve our targeted customer segments in a number of areas. Our plan to invest in technology is on track to ensure we serve our clients’ needs effectively by offering speed and convenience when they do business with us,” said Gulf Bank CEO & CGM Louis Myers.
“The bank’s ongoing commitment to delivering the best customer services is demonstrated by our policy to strategically place our branches in the most convenient locations. Most recently, we opened two new full-service branches in Ahmadi and Shuaiba, growing our network to 43 branches, as we continue our dedication to providing the best local service for our customers allowing them to undertake their everyday banking needs.” said Myers. – TradeArabia News Service