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Gulf Bank Posts Operating Profit of KWD 109.4 Million with a Net Profit of KWD 32.2 Million in 2013

January 29, 2014

Gulf Bank announced an operating profit before provisions of KWD 109.4 million for the year ending 2013 (including KWD 9.8 million of non - recurring income) against KWD 121.4 million in 2012 (including KWD 25.3 million non-recurring income). The Bank increased its precautionary general provisions to KWD 158 million . The net profit at KWD 32.1 million in 2013 was up 4.1 per cent against KWD 30.9 million in 2012. As of end of December 2013 , the Bank's total assets were KWD 5,064.8 million , deposits stood at KWD 4,086.1 million and total shareholders' equity was KWD 483.1 million . The Bank maintained its positive trend of reducing the non-performing loan (i.e 'NPL') ratio which decreased from 10.9 per cent in 2012 to 6.5 per cent by December 2013 (and to below 6 per cent by January 2014 ). In addition, the Bank has increased the total coverage ratio of non-performing loans to over 185 per cent. Commenting on the results, Mr. Omar Kutayba Alghanim, Gulf Bank's Chairman said: "I am pleased to report the steady progress the Bank has made over the year, particularly with the significant 38 per cent percentage decrease in non-performing loans and the continued increase in the general precautionary reserves. As we move into the first quarter of 2014, we are committed to successfully implementing our five year growth strategy, as well as focusing on customer-centricity and financial discipline. The Bank has continued its policy of investing in its infrastructure to ensure it has robust internal controls in place at all levels of its operations. It is particularly pleasing to note that earlier in 2013, Gulf Bank successfully completed the implementation of its Corporate Governance mandate as required by the Central Bank of Kuwait's regulations, which will ensure accountability, fairness, and transparency in our relationships with all our stakeholders."

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Source: CPI Financial

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