Gulf Bank reports net profit KD 27.4 million for the first nine months of 2011

Gulf Bank announced a net profit of KD 27.4 million for the first nine months of 2011, against KD 10.4 million, an increase by 165% over the first nine months of the previous year. Earnings per share amounted to 11 fils.  As of the end of September 2011, the Bank’s total assets increased by 5%, deposits were up by 4%, whilst total shareholders’ equity increased by 8% compared to the same period of 2010. 

Mr. Ali Al-Rashaid Al-Bader, Gulf Bank’s Chairman, said: “These strong results reflect the hard work and dedication of the Gulf Bank management and staff. They are a continuation to the outstanding start the Bank made in the first half of the year. The results we have announced today show the stable growth of the Bank’s customer base, and continued growth of net profits and core earnings. 

The last two years have seen us put Gulf Bank back into a winning position; we have strengthened our balance sheet significantly; made good progress to meet challenges , delivered good results by focusing on our core banking areas of Consumer and Corporate Banking and seen our customer service levels greatly enhanced.  

More importantly, we have seen increases in the amount of money deposited with us by our customers, indicating that we are being successful in our efforts to rebuild trust with our customers and expand our customer base”. 

In closing Al Bader said: “ Gulf Bank recently launched its new ‘We Promise’ campaign to offer its customers the best and the fastest financial service in Kuwait. The campaign aims at highlighting the Bank’s constantly upgraded service.”