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Gulf Bank achieved a net profit of 27 million dinars in the first half of 2018, an increase of 18% over the same period in 2017.
The Bank realized a net income from interest of 77 million dinars in the first six months The operating result before provisions and impairment amounts to 65 million dinars, an increase of 8% compared to the previous financial year . The operating result was 97 million dinars, up 8% from the same period of 2017. For the same period last year.
General provisions on the balance sheet amounted to 220 million dirhams representing 36% of equity as at 30 June 2018. Total assets increased by 4% to 5.84 billion dinars while equity amounted to 600 million Kuwaiti dinars.
The Chairman of the Board, Omar Qutaiba Al Ghanim, commended the good performance of the Gulf in the first half of 2018. He stressed that the results reflect the progress made each quarter and confirm that He is on the right track in terms of Achieving Positive Results.
Announcements
Al-Ghanim said that the Gulf listing in the MSCI Frontier Markets Index at the annual index review in May 2018 would attract international investors, would increase the liquidity and attract the Bank's shares to investors. The Gulf is still internationally recognized for its solvency and financial strength and is now rated A by all major credit rating agencies, with a perspective that shifts from "stable" to "positive". "Moody's Investors Service" in May 2018.
Al-Ghanim expressed his pride in raising "m The bank's outlook for the bank is stable and positive, its long-term rating of A3 being stabilized thanks to the continuous improvement of the quality of its assets.
Standard & Poor's Ratings stabilized the credit rating of the issuer with a "stable" outlook in June 2018. Capital Intelligence raised its rating from BBB + to A- with stable outlook in April 2018. [1965] In December 2017, Fitch raised the bank's financial feasibility rating from "bb" to "bb +", the long-term issuer to A + with a stable outlook
Rewards
The bank was selected in the second quarter of 2018 as the best retail bank in Kuwait by The Banker Middle East, the largest banking magazine in the region, for the third time in a row.
The award recognizes the Bank's outstanding performance in the retail banking sector and highlights its understanding of customer needs and its commitment to providing the best products and services.
Al Ghanim thanked all those who contributed to these good results. And customers for their loyalty, highlighting the commitment of the "Gulf" to always put them in the center of his attention.
© Al-Rai 2018
