Gulf Bank records KD 30.9 mln net profit in 2012 Board recommends 5% bonus shares approved by central bank

KUWAIT CITY, Jan 23: Gulf Bank closed 2012 with strong results in the fourth quarter and solid growth in the top line revenue for FY 2012. The Bank’s FY 2012 income before provisions amounted to KD 121.4 million, up 13% against 2011. Net Profit for the year was flat at KD 30.9m against KD 30.6m the previous year. The Board recommended the distribution of 5% bonus shares, subsequently approved by Central Bank of Kuwait. Earnings per share stood at 12 fils. In continuing with the strategy to build a fortress balance sheet, the precautionary general reserve was increased to over KD 148m.

As of the end of December 2012, the Bank’s total assets reached KD 4,847m, deposits grew to KD 4,094m, the loan book increased by 4.9% whilst total shareholders’ equity measured up to KD 449m.
Mahmoud Abdul Khaleq Al-Nouri, Gulf Bank’s Chairman, said: “This year’s results show the continuation of a strong and solid performance by Gulf Bank. In Consumer Banking we have raised the bar with our “We Promise” program, guaranteeing the best and fastest banking services, which, along with our strong leadership and management team, has contributed to solid growth and increased market share. Furthermore, on the Corporate Banking front, Gulf Bank was mandated as the lead manager to help finance two of the largest and most complex projects in Kuwait.

In 2012, the Bank successfully completed its 2-year Turnaround Plan and embarked on its new 2012-2015 Plan that focuses on expanding the Bank’s activities across three main pillars: “Solidify our gains, Accelerate our growth, and Surpass our limits”.

Gulf Bank received numerous awards in various disciplines across the Bank, and was honored to be named The Best Bank by The Banker — a leading Financial Times publication. The Bank re-affirmed its position as the leading Kuwaiti employer by winning the Localization Award from the GCC Council of Ministers for Social Affairs and Labour for the 8th consecutive year. The award further reflects the Bank’s commitment to developing careers for Kuwaitis within the Bank, and highlights its continuous efforts in achieving and maintaining one of the highest employment percentages of Kuwaiti nationals across the private sector, as well as being the first Kuwaiti bank to achieve this status.

Gulf Bank concluded its Corporate Social Responsibility program for 2012, which focused on Blood Donation, with over 1,000 lives saved. The Bank also worked alongside a number of organizations conducting many social activities throughout the year and serving the underprivileged and community as a whole.

In closing Al-Nouri said: “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 top line revenue. We are contributing to Kuwait’s economic growth and prosperity and we strive to deliver an outstanding return on our shareholders’ investment.”

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