Gulf Bank records KD 27.5 million in net profit for first 9 months of 2021

Gulf Bank records KD 27.5 million in net profit for first 9 months of 2021

KUWAIT: Gulf Bank K.S.C.P. has announced its financial results for the first nine months of 2021. The bank recorded a net profit of KD 27.5 million for the nine months ended 30 September 2021, an increase of 50 percent compared to a net profit of KD 18.4 million for the prior period. The bank recorded an operating income of KD 125.5 million for the nine months ended September 2021, an increase of 8 percent compared to the same period of 2020. The improvement in net profit was mainly driven by a 6 percent or KD 5.8 million increase in net interest income, a 14 percent or KD 3.4 million improvement in non-interest income and a decline of 24 percent or KD 12.0 million in total provisions.

As for asset quality, Gulf Bank booked KD 37.6 million in total provisions for the nine months ended 30 September 2021, a reduction of 24 percent in comparison to the same period of last year. The bank continues to have significant coverage ratio of 472 percent including total provisions and collaterals, whereas the non-performing loan (NPL) ratio stood at 1.3 percent as of 30 September 2021, lower than the prior year level of 1.5 percent.

Compared