MENAFN - Arab Times
Kuwait- Gulf Bank logs KD 22.4m net profit in third quarter
(MENAFN - Arab Times) Gulf Bank today announced an operating profit of KD 91.1 million before provisions for the first nine months of 2012, compared to KD 82.2 million for the corresponding period last year. In line with the strategy, the Bank increased its precautionary general provisions by KD 46 million to reach KD 136 million. The Bank's net profit for the period was KD 22.4 million against KD 27.4 million over the same period in 2011 due to transfers to the precautionary general provisions. As of the end of September 2012, the Bank's total assets reached KD 4,828 million, deposits were at KD 4,059 million, and earnings per share for the first nine months of 2012 was 9 fils.
Mahmoud Al-Nouri, Gulf Bank's Chairman, said: "Gulf Bank's performance has been driven by its consistent growth strategy, customer centric focus and financial discipline.
"We continue to set the industry benchmark for outstanding customer service with our 'We Promise' program, while maintaining world-class operating efficiency and enjoying solid and consistent growth in our market share. Meanwhile, we continue to build our fortress balance sheet by transferring part of the operating profit to enhance precautionary general provisions to meet any unexpected economic circumstance at the local and global levels." He added.
"Over the last year, both the global and local markets have delivered challenges which require us to be flexible and fast-moving. The highly professional team of executive management and staff at Gulf Bank are well-positioned to address this rapidly evolving environment and maximize the opportunities it presents.
"I thank the management, staff and Board Members for their contribution thus far, and as we move into the fourth quarter of 2012 we look forward to a good financial year end while start our preparation for the year ahead." He concluded.
In 2012, Gulf Bank has frequently been recognized, regionally and internationally, across a number of disciplines, winning numerous prestigious awards. These include the 'Localization Award' from the GCC Ministry of Social Affairs for the eighth consecutive year for the employment, development and training of nationals, 'Best HR Strategy in line with Business' and 'Excellence in Training' awards at the Asia's Best Employer Brand Awards, and 'Best Marketing Campaign of the Year' at the Third Asia's CMO Awards.
Capital Markets Authority (CMA) approved the financial statements of Bayan Investment Company (Bayan) for the nine months periods ending Sep 30, 2012.
For the three months ending Sep 30, 2012, Bayan incurred a loss of KD 1,099,338 with LPS valued at 3.07 fils as compared to a profit of KD 2,153,666 or 6.04 fils per share earned during the same period of 2011.
(9 mths ending) Sept 30, '12 Sept 30,'11
Profit (Loss) (5,047,764) (4,212,206)
EPS (LPS) (14.09) (11.79)
Total current assets 20,234,262 22,749,714
Total assets 116,578,090 120,711,271
Total current liabilities 36,711,426 38,023,144
Total current liabilities 67,325,077 68,085,732
Total shareholders' equity 34,098,290 36,965,033
The total revenue from transactions with related parties is worth KD 35,849 and total expenses from transactions with related parties amounts to KD 62,148.
Kuwait Stock Exchange announces that the Board of Directors of Boubyan International Industries Holding (BIIHC) met on Oct 24, 2012, and adopted the annual financial statements of the company for the year ending July 31, 2012.
July 31, '12 July 31, '11
Profit (Loss) (9,712,991) 199,941
EPS (LPS) (32.38) 0.67
Total current assets 11,598,707 12,515,970
Total assets 48,502,932 65,674,397
Total current liabilities 4,089,942 4,513,457
Total liabilities 8,969,020 15,177,811
Total shareholders' equity 39,533,912 50,496,586
The total revenue from transactions with related parties is worth KD 243,211 and total expenses from transactions with related parties amounts to KD 192,008.
Board recommended not to distribute profits for the year ending July 31, 2012. Note that this recommendation is subject to approval by the shareholders and the competent authorities.
Capital Markets Authority (CMA) approved the financial statements of Commercial facilities Company (CFC) for the nine months periods ending Sep 30, 2012. For the three months ending Sep 30, 2012, CFC earned a profit of KD 2,984,000 with EPS valued at 6 fils as compared to a profit of KD 2,826,000 or 5 fils per share earned during the same period of 2011.
(9 mnths ending) Sept 30, '12 Sept 30, '11
Profit (Loss) 12,489,000 8,655,000
EPS (LPS) 24 17
Total current assets 142,894,000 136,849,000
Total assets 282,783,000 266,535,000
Total current liabilities 42,798,000 63,411,000
Total current liabilities 116,987,000 107,726,000
Total shareholders' equity 165,796,000 158,809,000
The total expenses from transactions with related parties amounts to KD 357,000.
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