Gulf Bank AGM approves distributing 7% in cash and 5% in bonus shares for 2021

Gulf Bank AGM approves distributing 7% in cash and 5% in bonus shares for 2021

Jassim Mustafa Boodai: We have proven our ability to adapt to the challenges of the pandemic and continue to excel

Tony Daher: We have entered a new era of digital banking services, and our branch network is one of the largest in Kuwait

KUWAIT: Gulf Bank concluded its Ordinary Annual General Meeting (AGM) on Tuesday (March 22, 2022) with a 85.5 percent quorum. The Board of Directors recommended the distribution of 7 percent cash dividends and a 5 percent bonus for the financial year ending December 31, 2021, with the general assembly also approving to amend the bank’s Articles of Association to allow it to distribute semi-annual profits in the future. In addition, the general assembly approved all of the AGM agenda items discussed.

In his speech to the General Assembly, Gulf Bank’s Chairman, Jassim Mustafa Boodai, said, “Despite both global and local economic challenges wrought on by the pandemic, Gulf Bank was able to mark a new year of fantastic achievements. During 2021, we proved our ability to adapt to the challenges of the pandemic, and continued to excel in serving our clients, employees, and community.”

Boodai pointed out that the Bank’s net profits jumped by 46 percent to KD 42 million in