Gulf Bank Reports Net Profit of KD 43 Million, up 10% From 2015

Kuwait, 30 January 2017: Gulf Bank K.S.C.P. revealed today its financial results for the year finishing 31 December 2016. The Bank videotaped an internet revenue of KD 43 million (earnings each share of 15 fils), a boost of 10% over the previous year. The Board of Directors has suggested a cash money returns of 7 fils each share, a rise of 75% compared with 4 fils per share in the previous year.

Lending high quality continued to boost; gross credit expenses (certain provisions plus write-offs) declined by 16% to KD 72 million compared to KD 85 million in 2015. Non-performing finances (NPLs) declined to KD 93 million or 2.4% of complete finances, levels that have actually not been seen considering that 2007.

Commenting on the results, Mr. Omar Kutayba Alghanim, Gulf Bank's Chairman claimed: "These past 3 years have actually noted substantial milestones in the transformation of Gulf Bank, relocate sturdily forward on the course of development, and meeting a number of key critical purposes. Today, I am pleased to introduce that Gulf Bank has again achieved double-digit earnings growth in a really affordable industry and challenging financial setting.".

Mr. Alghanim proceeded: "The Bank enjoys a strong capital competence proportion of 18.5% which is well over the governing demand of 14%. The capital of the Bank was improved by our effective issuance of KD 100 million of Tier II funding in Might 2016. The assets of the Bank were stable at KD 5,467 million while overall investors' equity was up by 7% to KD 573 million. Client fundings finished the year at KD 3,446 million. In terms of profitability, the Bank's revenues per share for the year finishing 2016 was 15 fils compared to 13 fils for the year finishing 2015. The return generally properties was 0.79% as compared to 0.72% in 2015 and the return generally equity was 7.73% as compared to 7.43% for the previous year.".

Gulf Bank Ranked "A" By Leading International Scores Agencies.

Gulf Bank continuouslies delight in an "A" rating from the leading three international rating agencies: Moody's Investors Solutions (A3); Fitch Rankings (A+); and Requirement & Poor's- S&P (A -). During this year, all three rating companies verified the Bank's rankings and its secure expectation and earnings generating capacity.

Talking about Gulf Bank's rankings, Mr. Alghanim proceeded: "The affirmation of Gulf Banks security and profits producing capacity by the three leading credit rating companies validates our continuous dedication to develop value for our stakeholders and offer competitive solutions to our loyal customers.".

Gulf Bank's development and strength was strongly recognized by the financial solutions and banking industry on both regional and worldwide degrees. Gulf Bank won The Oriental Banker regional honors for: "Finest Credit Card Item between East for Gulf Rewards", "Internet and Mobile Safety and security Innovation Execution of the Year in Middle East and Africa", and "Venture Danger Technology Application of the Year in Middle East and Africa.".

Moreover, at the end of the 2016, Gulf Bank was informed by Guinness World Records TM that it would certainly win the 'biggest reward connected to a checking account' in the world for its Al Danah account's KD One Million prize. Gulf Bank received the award during the yearly Al Danah draw that happened on 5 January 2017.

Mr. Alghanim wrapped up by saying: "I want to thank our valued customers for their
ongoing trust in Gulf Bank. I would certainly also want to expand my sincere appreciation to our Shareholders, Board of Directors, the Reserve bank of Kuwait and the Resources Markets Authority for their ongoing support throughout the year. Furthermore, I want to thank our team for their committed solution and for belonging to the Gulf Bank household.".