(MENAFN - Kuwait News Agency (KUNA)) Gulf Bank announced net profit of KD 7.4 million, Tuesday, for the first quarter of 2012 at share profit of 3 fils. This compares to a last quarter profit of KD 3.2 million and to a 2011 first quarter profit of KD 9.8 million.
Board Chairman Mahmoud Al-Nouri said bank profit before provisions came to KD 29.8 million at an increase of 14 percent from last year's KD 26.1 million. Bank assets came to KD 4,907 million and deposits came to KD 4,139 million. He further said that Shareholders Equity reached KD 437 million by end of March.
Al-Nouri said the bank had increased its general reserve by KD 14 million to reach KD 104 million as part of its strategic plan of building a "fortress balance sheet" and expand its growth capacity.
Despite these good results, he said, the bank would keep to its cautious attitude while focusing on achieving high return for shareholders, as well as on exploring new growth opportunities and offering unique services to clients, both individuals and institutions.
The chairman noted that Gulf Bank had in 2011 completed its new strategic plan that focuses on building a fortress balance sheet, core competencies, bolstering management excellence, as well as modernization of internal audit systems when it comes to risk management and promotion plans.
The strategy, the bank press statement said, comes in three areas. "The first is to 'solidify our gains', which means we will continue to work on our processes and infrastructure to ensure that there is no repetition of our earlier issues.
The second is to 'accelerate our growth' within the Bank's core competencies. And finally, the third stream is to surpass our limits by expanding our existing capabilities. A number of initiatives have been identified within these three streams.