Gulf Bank records KD 35.8 million in net profit for first half of 2023

Gulf Bank records KD 35.8 million in net profit for first half of 2023

KUWAIT: Gulf Bank K.S.C.P. announced its financial results for the first half ending 30 June 2023. The Bank reported a net profit of KD 35.8 million, an increase of KD 5.6million or 18 percent compared to 2022 first half net profit of KD 30.3 million. The increase in the Bank’s net profit was mainly driven by a 9 percent or KD 6 million increase in net interest income for the first half 2023. As a result, operating income grew by 8 percent or KD 6.9 million to reach KD 92.3 million and operating profit before provisions grew by 12 percent to reach KD 49.3 million for the same period. Subsequently, the Bank’s return on assets improved from 0.9 percent in the first half of 2022 to 1.1 percent in first half of 2023 and return on equity grew from 9.1 percent to 10.1 percent.

For the second quarter of 2023, the Bank reported a net profit of KD 18.5 million, an increase of 22 percent over the second quarter of 2022. Operating income for the second quarter of 2023 was to KD 45.9 million, an increase of 5 percent compared to the same period of last year and operating profit was