Gulf Bank's profit rises 11 per cent

28/01/2015 05:53 AST

Kuwait's Gulf Bank, the country's fourth-largest lender by assets, reported a 10.7 per cent rise in fourth-quarter net profit yesterday, and said it had recovered from the global financial crisis.

The bank received a 375 million Kuwaiti dinar ($1.27 billion) emergency capital injection from the Kuwait Investment Authority in January 2009 after a derivatives loss of the same amount, one of the only occasions that a Gulf government had to step in with direct support for a bank due to the financial crisis.

Gulf Bank undertook a major restructuring and its profits have strengthened in recent quarters, helped by a more buoyant local economy that has replenished deposits and bolstered lending growth. 'Gulf Bank has culminated its transition and has started a new path after completing its recovery,' chairman Omar Kutayba Alghanim said in the bank's 2014 earnings statement.

'Far seem today the difficult times when our NPLs (non-performing loans) reached 30pc. Now we have all the elements in place to grow better and faster.'

Net profit for the three months to the end of December was 8.97m dinars ($30.4m), compared with 8.1m dinars in the year-earlier period.


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