Gulf Bank Net Profit KD 7.9 Million For Q1 2013
Total assets reached KD 4,966 million. Total shareholders’ equity measured up to KD 460 million.
Kuwait – April 24, 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.听As of end of March 2013, the Bank鈥檚 total assets were KD 4,966 million, deposits stood at KD 4,178 million and total shareholders鈥� equity was KD 460 million.
“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.”
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Commenting on the results, Mr. Omar Alghanim, Gulf Bank鈥檚 Chairman said: 鈥淭hese 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鈥檚 business groups, which have been major drivers of this success.鈥�
鈥淲e 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.鈥�
Referring to the recent improvement in Gulf Bank鈥檚 rating from Standard &Poor鈥檚, Mr. Alghanim said: 鈥淭he Bank鈥檚 credit rating has recently been upgraded by Standard & Poor’s from BBB to BBB+, and they affirmed the Bank鈥檚 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.听This is an outstanding accomplishment which proves the Bank鈥檚 stability and the robustness of its strategy in today鈥檚 market.鈥�
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Released by Gulf Bank.