Gulf Bank records net profit of KD 62million in 2022: Boodai

Gulf Bank records net profit of KD 62million in 2022: Boodai

KUWAIT: Gulf Bank KSCP (Bank) announced its financial results for the year ended 2022. The bank reported a net profit of KD 61.8 million, an increase of 47 percent compared to the year 2021. Earnings per share were up 46 percent to 19 fils and the Board of Directors is recommending a distribution of a cash dividend of 10 fils per share, representing a 51 percent cash payout ratio, in addition to 5 percent bonus shares, for shareholders’ approval at the annual general meeting to be held in March 2023.

Gulf Bank recorded an operating income of KD 181.1 million for the year 2022, an increase of 6 percent compared to the year 2021. The increase in the net profit was mainly driven by KD 9.9 million or a 7 percent increase in net interest income, a 3 percent or KD 1.1 million improvement in non-interest income, and a decline of 37 percent or KD 17.6 million in total provisions and impairments.

As for asset quality, the non-performing loans (NPL) ratio stood at 1.1 percent as of 31 December 2022, compared to the prior year level of 0.9 percent. Additionally, the bank continues to have significant non-performing loans coverage ratio of 504 percent