The Gulf Bank has announced an operating profit before provisions of KD 106.8 million for the year ending 2014 and a net profit at KD 35.5 million, up a 10 percent over 2013.
In a report issued Tuesday, the Bank said that it's total assets reached KD 5.3 billion at the end of December 2014.
"There has been a significant gain in market share in loans, mainly attributable to the 23 percent growth in retail loans. Overall, this resulted in a growth of 9 percent vs. the 6 percent market growth," reads the report.
"The growth in low cost deposits was16 percent increasing the total deposits at the bank to KD 4,340 million. Total shareholders' equity increased to KD 511 million from KD 483 million in 2013." The Bank maintained its positive trend of reducing the non-performing loan ratio which decreased from 6.5 percent at the beginning of the year to 3.2 percent by December 2014 and increased the total coverage ratio of non-performing loans to 266 percent.
The Gulf Bank's Board of Directors have recommended a stock dividend of 5 per cent (5 shares for every 100 shares held), for approval at the Shareholders meeting.
"Gulf Bank is today a great and strong bank. It has overcome the difficult times in an admirable way. The strategy is clear and the mandate of the Board is to grow," Gulf Bank's Chairman Omar Kutayba Alghanim said commenting on the results.
"In wholesale, we will reinforce our advisory and products capabilities. In Retail, products and newer channels are being upgraded. Everything we do will be upgraded under strict risk criteria, as per our policies that have helped make Gulf Bank safe and sound." Alghanim concluded that: "I can confidently say that Gulf Bank has culminated its transition and has started a new path after completing its recovery."