Kuwait-based Gulf Bank recorded a net profit of KD22.8 million in the first six months of 2017, an increase of 10 per cent over the same period of 2016.

The bank was able to generate a net interest income of KD63.5 million and an operating profit of KD60.5 million during the first half of 2017, recording an increase of 7.5 per cent and 8.2 per cent respectively.

In addition, credit costs (specific provisions and write-offs less recoveries) continued to improve quarter after quarter with a decline of 11 per cent in Q2 compared to Q1 of 2017.

As of first half 2017, total assets of the bank grew by 3 per cent compared to first half of 2016 while Loans & Advances increased by 2 per cent over the same period of last year. Total equity reported at the end of first half 2017 was KD577.5 million and general provisions stood at KD222 million for the same period, representing 38 per cent of total equity.

Omar Kutayba Alghanim, Gulf Bank chairman, said: “We are pleased with our bank’s solid performance for the first half of 2017. This has reflected positively on the earnings per share as it grew by 10 per cent to 8 fils per share for the first half of 2017 compared to the previous year.”
Alghanim continued: “This year, we are proud to announce that S&P Ratings has revised its outlook of Gulf Bank to Positive from Stable.”   -TradeArabia News Service