Monday 20 May 2019

Gulf Bank's net profit surges 18pc in H1

DUBAI, July 21, 2018

Gulf Bank, one of the largest banks in Kuwait, has registered a net profit of KD27 million ($89 million) for the first six months of 2018, thus registering an 18 per cent increase over the same period last year.

Announcing its financial results for the first half, Gulf Bank said it had generated net interest income of KD77 million during the first half of 2018, up 21 per cent above the prior year. Also its operating income surged 8 per cent to KD97 million comaared to the same period in 2017.

The operating profit before provisions / impairment losses was KD65 million during the first half of 2018, recording growth of 8 per cent, over the same period last year.

According to Gulf Bank, the total general provisions on the balance sheet were at KD220 million, representing nearly 36 per cent of shareholders’ equity as at June 30, 2018, and total assets increased by 4 per cent to KD5.84 billion compared to June 30, 2017.

The Kuwaitio bank pointed out that the total equity reported at the end of June of 2018 was KD600 million.

On the solid performance, Chairman Omar Kutayba Alghanim said: "These great results highlight the Bank’s progress quarter after quarter, and confirm that we are on the right track in delivering sustainable results."

On the inclusion of Gulf Bank to MSCI Frontier Markets Index, Alghanim said this was great news to its shareholders.

"The inclusion of Gulf Bank shares in the MSCI Frontier Markets Index during its May 2018 semiannual review will attract international investors and support the liquidity and attractiveness of the bank’s shares," he added.-TradeArabia News Service

Tags: Gulf Bank | Kuwait | MSCI Frontier Markets Index |

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