Gulf Bank has reported a net profit of KWD26.5m for the first nine months of 2014, up 10% against KWD 24.1m for the same period last year.
While, operating profit before provisions for the period was KWD79.8m.
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As of end of September 2014, the bank’s total assets were KWD5.19bn, deposits stood at KWD4.19bn and total shareholders’ equity was KWD509m, the bank said in a statement.
The bank increased its precautionary general provisions to KWD201m, an increase of KWD43m during the period, and maintained its non-performing loans ratio, which now stands at 5.1% and has increased the total coverage ratio of non-performing loans to 238%.
Commenting on the results, Cesar González-Bueno, Gulf Bank’s CEO said: "These results reflect steady growth of the Bank’s net profit, and demonstrate Gulf Bank’s ability to grow and improve its profits in a highly competitive market.
"The bank’s loans have grown by 13% and the capital adequacy is at 16.6% against the regulatory ratio of 12%. More importantly, the Bank is on track to finalize the restructuring started in 2008. The Gulf Bank team is ready for alternatives to further develop and better serve its customers both in wholesale and retail banking."
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