Gulf Bank posts KD 43 mln in net profitsSource: www.export-egypt.com 1/30/2017, Location: Middle East |
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The Gulf Bank recorded a net profit of KD 43 million (earnings per share of 15 fils), an increase of 10 percent over the previous year.
Gulf Bank Chairman Omar Kutayba Al-Ghanim said the Board of Directors has recommended a cash dividend of 7 fils per share, an increase of 75 percent compared with 4 fils per share in the prior year. Loan quality continued to improve; gross credit costs (specific provisions plus write-offs) declined by 16 percent to KD 72 million compared to KD 85 million in 2015, he said. Non-performing loans (NPLs) declined to KD 93 million or 2.4 percent of total loans, levels that have not been seen since 2007, he added. "The Bank enjoys a strong capital adequacy ratio of 18.5% which is well above the regulatory requirement of 14%. The capital of the Bank was enhanced by our successful issuance of KD 100 million of Tier II capital in May 2016," he added. The assets of the Bank were steady at KD 5.4 million while total shareholders' equity was up by 7% to KD 573 million, he pointed out. |
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