Gulf Bank records KD 17.3mln in Net Profit for the first quarter of 2023

Gulf Bank records KD 17.3mln in Net Profit for the first quarter of 2023

Jassim Mustafa Boodai:

- I am pleased to announce that we have achieved an excellent performance in the first quarter of 2023 with a 15% growth in our net profit, an encouraging start for the remainder of the year.

- We remain focused on creating value for all stakeholders amid fluctuating operating environments.

- We proceed to make excellent progress on our digital transformation initiatives focusing on enhancing our customer experience.

- We have achieved major milestones within our 5year strategy, and we are anticipating further significant accomplishments towards the end of 2025.

- With the establishment of Gulf Bank Capital, the Bank will be offering a full suite of investment products and services through this independent investment subsidiary.

- We persist with our journey of embracing diversity at the workplace stemming from our believe in equal job benefits based on qualifications and competency rather than gender.

Kuwait: Gulf Bank K.S.C.P. announced its financial results for the first three months ending 31 March 2023. The Bank reported a net profit of KD 17.3 million, an increase of KD 2.3 million or 15% compared to 2022 first three months net profit of KD 15 million.

Subsequently, the Bank’s return on assets improved from 0.9% in the first quarter of