Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait- Gulf Bank records net profit of KD 8.7m in Q1  Join our daily free Newsletter

MENAFN - Arab Times - 15/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Gulf Bank today announced a net profit of KD 8.7 million for the first quarter of 2014, up 10% from KD 7.9 million over the same period in 2013. Operating profit before provisions was KD 23.6 million vs KD 23.0 million for the same period last year. The Bank has continued its strategy to build a fortress balance sheet, increasing precautionary general provisions to KD 162 million, and by reducing the non-performing loans (i.e 'NPL') ratio from 6.5% to 5.4% during the quarter . The Bank has increased the total coverage ratio of non-performing loans to over 214%



Commenting on the results, Omar Kutayba Alghanim, Gulf Bank's Chairman said: "The first quarter has proved to be a strong start to the year. Gulf Bank is making good progress in implementing its five year growth strategy, as well as continuing its focus on customer-centricity and financial discipline. We look forward to an exciting year ahead." Csar Gonz¡lez-Bueno, Gulf Bank's Chief Executive Officer said: "I am pleased to report the positive results Gulf Bank has achieved in the first quarter of the year. Aside from the increase in net profit, the Bank's loans have grown by 13.9%, and our non-performing loans ratio has fallen to 5.4%, continuing its downward trend and now approaching a long-term acceptable figure.



In the short time I have been at Gulf Bank, I have seen many positive indicators. We have an excellent client base, a strong supporting Board of Directors and dedicated and focused employees. The balance sheet is strong, and we are in the process of finishing the resolution of our legacy issues and ending a long period of recovery. We can therefore shift our emphasis to serve our customers even better, and continue to grow with them. We now have the foundations to do that.

 


Arab Times




  MENA News Headlines
 Jul 30 2015 - Egypt- Trial of businessman Ehab Talaat postponedqDaily News Egypt
(MENAFN - Daily News Egypt) The trial of prominent businessman Ehab Talaat was postponed to 26 December on Tuesday for an expert report on the matter.Talaat is being sued by the Al-Ahram Foundation ...

 Jul 30 2015 - Egypt participates in UN counter-terrorism meetingDaily News Egypt
(MENAFN - Daily News Egypt) An Egyptian delegation participated Tuesday in the UN counter-terrorism meeting in the Spanish capital, Madrid, and discussed efforts to tackle militancy.Egypt also ...

 Jul 30 2015 - Egyptian court postpones verdict in Al Jazeera journalists' retrialDaily News Egypt
(MENAFN - Daily News Egypt) A court in the Egyptian capital, Cairo, has postponed the verdict in the retrial of three Al Jazeera journalists, jailed for aiding a terrorist organization with false ...

 Jul 30 2015 - Egypt- 'Will justice be served this Thursday?' (1):JournalistsDaily News Egypt
(MENAFN - Daily News Egypt) An Egyptian court will conclude one of Egypt's most hotly debated cases since the ouster of the Muslim Brotherhood regime in 2013, and one of the longest trials the ...

 Jul 30 2015 - Al-Jazeera re-trial case adjourned to 2 AugustDaily News Egypt
(MENAFN - Daily News Egypt) The Egyptian court was to conclude Thursday one of Egypt's most debated cases since the toppling of the Muslim Brotherhood's regime, also among the longest trial the ...

 Jul 30 2015 - Egypt- Trial against Fatima Naoot continuesDaily News Egypt
(MENAFN - Daily News Egypt) The prosecution at the Sayeda Zeinab Misdemeanour Court decided on Wednesday to postpone the case against Fatima Naoot, who is charged with contempt of religion.In turn, ...

 Jul 30 2015 - Ooredoo Oman profit up 18.7 percent in H1MENAFN
(MENAFN) Omani Qatari Telecommuni-cations Company (Ooredoo), has reported an 18.7 percent increase in its net profit for the first half of this year.The company's revenues for the first half of 2015 ...

 Jul 30 2015 - Dubai real estate down, under pressureThe Arabian Post
(MENAFN - The Arabian Post) The Dubai residential market continues to face downward pressure as rents and sale prices decline. It's perhaps indicative of a systemic shift that the current phase's ...

 Jul 30 2015 - Consumer choice, innovation 'key drivers of aviation sector'The Arabian Post
(MENAFN - The Arabian Post) Consumer choice and innovation are the fundamental drivers of competition in the international airline industry, said Etihad Airways president and CEO James Hogan at the ...

 Jul 30 2015 - Qatar's transport sector posts double-digit growth in H1MENAFN
(MENAFN) Qatar's transport sector witnessed a healthy double-digit expansion in profitability in the first half of this year, mainly on the back of earnings in logistics segment.The cumulative net ...

more...


 






Google

Click to Apply

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help