Gulf Bank Records an Increase of 7% in Net Profit in Q1 2017
Gulf Bank K.S.C.P. revealed today its financial results for the initial quarter of 2017. The Bank tape-recorded an internet earnings of KD 9.4 million, an increase of 7% over the same duration in 2016. Operating earnings got to KD 29.9 million, 5% higher than Q1 of the previous year and 20% greater than the previous quarter. This was the Bank's highest very first quarter operating revenue given that 2010. Total general provisions on the balance sheet stood at KD 219 million, standing for nearly 40% of shareholders equity, a resistant cushion on top of a really healthy and balanced capital adequacy proportion of 18.4%, while total assets reached KD 5.6 billion.
Commenting on the results, Mr. Omar Kutayba Alghanim, Gulf Bank's Chairman stated:" I am pleased to introduce that the Bank started the year favorably with an increase of 7% in our initial quarter net earnings compared to the very same duration of in 2014. The capital competence of the Bank continues to be strong at 18.4%, well above the regulative demand. These great results highlight the bank's progress quarter after quarter, and validate that we get on the appropriate track in supplying lasting results. "
During the very first quarter of the 2017, Gulf Bank held its Annual General Meeting for the 2016. Throughout the meeting, the investors authorized a cash reward of 7 fils each share, a rise of 75% compared with 4 fils each share in the prior year.
Gulf Bank continued to be strongly recognized globally and in your area. In the initial quarter of 2017, the Bank set a Guinness World Record for the 'largest prize linked to a bank account payout in the world with its Al Danah account prize of KD One Million. In addition, World Money Magazine granted Gulf Bank with Best Mobile Banking Application - Kuwait and Best Digital Bank Kuwait..
Gulf Bank received the Best Training Plan from the Workforce and Government Restructuring Program for its employee training programs, surpassing all other private sector business in Kuwait. The Bank was additionally honored with an 'Excellence in VIP Customer Service award at the Kuwait Public Relations and Customer Service Honors.
Mr. Alghanim concluded his remarks by saying: I wish to thank every person who has added to these good outcomes. I appreciate the dedication of our monitoring and staff, dedication of our Board of Supervisors and investors, and the assistance from the Reserve bank of Kuwait. I also wish to thank our customers for their assistance and for selecting Gulf Bank for their financial services.".
