Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Gulf Bank Posts Net Profit Of KD 32.2m In 2013  Join our daily free Newsletter

MENAFN - Arab Times - 30/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Gulf Bank today announced an operating profit before provisions of KD 109.4 million for the year ending 2013 (including KD 9.8 million of non - recurring income) against KD 121.4 million in 2012 (including KD 25.3 million non-recurring income). Continuing its strategy to build a fortress balance sheet, the Bank increased its precautionary general provisions to KD 158 million. The net profit at KD 32.1 million in 2013 was up 4.1% against KD 30.9 million in 2012. As of end of December 2013, the Bank's total assets were KD 5,064.8 million, deposits stood at KD 4,086.1 million and total shareholders' equity was KD 483.1 million. The Bank maintained its positive trend of reducing the non-performing loan ratio, which decreased from 10.9 % in 2012 to 6.5 % by December 2013 (and to below 6% by January 2014, i.e 'NPL'). Decreasing the NPL ratio is a strategic objective and a key focus area. In addition, the Bank has increased the total coverage ratio of non-performing loans to over 185%



Commenting on the results, Omar Kutayba Alghanim, Gulf Bank's Chairman said: "I am pleased to report the steady progress the Bank has made over the year, particularly with the significant 38 % percentage decrease in non-performing loans and the continued increase in the general precautionary reserves. As we move into the first quarter of 2014, we are committed to successfully implementing our five year growth strategy, as well as focusing on customer-centricity and financial discipline. The Bank has continued its policy of investing in its infrastructure to ensure it has robust internal controls in place at all levels of its operations. It is particularly pleasing to note that earlier in 2013, Gulf Bank successfully completed the implementation of its Corporate Governance mandate as required by the Central Bank of Kuwait's regulations, which will ensure accountability, fairness, and transparency in our relationships with all our stakeholders.





"2013 proved to be a good year for Gulf Bank, and I am proud to add that we have increased our branch network to 57 branches across Kuwait. In doing so, we will be closer to our customers, and better able to ensure that they receive the best possible banking services and that these are delivered both swiftly and efficiently. "For 2014, we will maintain our strong focus on the needs of our customers, invest in our staff and develop our customer base. At the same time, we will actively develop new opportunities which will allow us to grow and deliver excellence in corporate and consumer banking services, as well as seek to enhance the Bank's reserves and financial capability



"I would like to thank our staff, customers, shareholders & our Board of Directors for their continued support and loyalty as we continue our development." In 2013, Gulf Bank was recognized as the 'Best Bank in Kuwait' by The Banker, a leading Financial Times owned publication. The Bank also won several other important industry awards across multiple disciplines, including: 'Bank of the Year' from Arabian Business, Best Retail Bank by Asian Banker, and Best Domestic Bank by Banker Middle East

 


Arab Times




  MENA News Headlines
 Sep 16 2014 - Kuwait Stock Exchange Indices Close in GreenQatar News Agency
(MENAFN - QNA) Main indexes of the Kuwaiti bourse were in the green zone upon closing Tuesday with the weighted, the price, and the KSX 15 up by 1.1, 28.6, and 2.64 points respectively. Number ...

 Sep 16 2014 - Diplomatic Adviser to the King of Belgium Meets Qatar's AmbassadorQatar News Agency
(MENAFN - QNA) Diplomatic Adviser to the king of Belgium Pierre Cartuyvels met HE Qatar's Ambassador to the Kingdom of Belgium, Sheikh Ali bin Jassim Al-Thani. During the meeting, they discussed ...

 Sep 16 2014 - Real Estate Transactions Worth over QR684 Million Last WeekQatar News Agency
(MENAFN - QNA) Real estate transactions between September 7 and 11 for the real estate sales contracts registered at the Ministry of justice are worth QR684,139,324, the real estate registration ...

 Sep 16 2014 - Qatar University to Host Workshop for Young BoffinsQatar News Agency
(MENAFN - QNA) Qatar University's Al Bairaq programme will engage aspiring young scientists from high schools in workshops on nanotechnology and other scientific topics, the university said ...

 Sep 16 2014 - Qatar Expresses Concern over Expansion of Nuclear Power Reactors EstablishmentQatar News Agency
(MENAFN - QNA) The State of Qatar has stressed that the obsession with safety and security of potential nuclear accidents preoccupies the international community because of the long -term and ...

 Sep 16 2014 - Four Elements of Islamic State Killed in IraqQatar News Agency
(MENAFN - QNA) Baghdad Operations Command announced the killing of four elements from the Islamic State group (ISIS) northwest of Baghdad. The spokesman for the command, Brigadier Saad Maan told ...

 Sep 16 2014 - Elements of Islamic State Killed in IraqQatar News Agency
(MENAFN - QNA) Baghdad Operations Command announced the killing of four elements from the Islamic State group (ISIS) northwest of Baghdad. The spokesman for the command, Brigadier Saad Maan told ...

 Sep 16 2014 - Phase one to begin Dubai USD2.7b Parks projectMENAFN
(MENAFN) Dubai Parks & Resorts, a Meraas Holding company announced it has made significant progress on phase one of its multi-billion dollar entertainment and leisure destination in the emirate, ...

 Sep 16 2014 - Investcorp acquire USD250m US property propertiesMENAFN
(MENAFN) Bahrain's Investcorp, an alternative investment manager, announced it had acquired a portfolio of office and industrial property assets in three cities in the United States for around USD250 ...

 Sep 16 2014 - Dubai's RTA to invest USD544m in 2 projectsMENAFN
(MENAFN) Dubai's RTA announced it is planning to invest in the construction of two new road projects in the Creek area of the city in order to ease traffic congestion, Arabian Business reported.The ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help