Gulf Bank of Kuwait
 | |
| Public | |
| Industry | Banking |
| Founded | 1960 |
| Headquarters | Kuwait City, Kuwait |
| Website | www.e-gulfbank.com |
Gulf Bank is one of the largest banks in Kuwait with a broad offering of consumer banking, wholesale banking, treasury, and financial services. Gulf Bank was founded in 1960, and listed as GBK on the Kuwait Stock Exchange (KSE) in 1984. The Bank has large network of 58 branches, with total assets of KD5,683 million for year ended 31 December 2017.
History
Gulf Bank was founded in 1960, and commenced business operations in a rented flat on Fahad Al-Salem Street in Kuwait City with a total of 50 employees and a capital of 24 million rupees, equivalent to KD 1.8 million (USD 6 million). The Bank received permission from the Kuwait municipality in 1961, to construct its headquarters and was initially granted permission to build up to four floors and an optional basement. Over the years, additional floors were constructed in the headquarters, but care was taken to maintain the original architecture and design of the building whereby maintaining its historic look and keeping to its early roots. The Bank's Headquarters is considered to be one of Kuwait City's landmarks.
Latest bank results
Gulf Bank recorded a net profit of KD 48 million for the year ending 2017, an increase of 12% over the previous year. Our loan portfolio quality continued to improve as non-performing loans (NPLs) declined to KD73 million or 1.7% of total loans compared to KD93 million or 2.4% at the end of 2016. Coverage of non-performing loans was 414% by the end of 2017.
The Bank continues to enjoy a strong capital adequacy ratio of 17.8%, which is well above the regulatory requirement of 14%. The assets of the Bank grew by 4% to KD5,683 million, while total shareholders’ equity was up 5% to KD601 million. Gross Customer loans ended the year at KD4,060 million, an increase of 8% over the prior year-end period.
In terms of profitability, the Bank’s earnings per share for the year ending 2017 was 17 fils, compared to 15 fils for the year ending 2016. The return on average assets was 0.86% compared to 0.78% in 2016, and the return on average equity was 8.3% compared to 7.8% for the previous year.
In response to the Bank’s ongoing positive performance, the Board of Directors has recommended a cash dividend of 9 fils per share, an increase of 29% over the cash dividend of 7 fils that was distributed last year.
Board of directors
Omar Kutayba Alghanim (Chairman)
Ali Morad Yusuf Behbehani (Deputy Chairman)
Bader Nasser Al Khorafi (Board Member)
Omar Hamad Youssef Al-Essa (Board Member)
Jasem Mustafa Boodai (Board Member)
Sayer Bader Al-Sayer (Board Member)
Basel Yousef AlReshaid Al Bader (Board Member)
Bader Abdulmohsen El-Jeaan (Board Member)
Khaled Faisal Ali Al Mutawa (Board Member)
Executive Management
Antoine Daher (Chief Executive Officer)
Kevin Smith (Chief Financial Officer)
Hussam Sulieman Mustafa (Chief Internal Auditor and General Manager - Internal Audit)
Sami Mahfouz (General Manager - Treasury)
Mona Mansour (General Manager - Customer Service Delivery)
Nabil B. Abdel-Malek (General Manager - Legal Affairs and General Counsel)
Salma Al-Hajjaj (General Manager - Human Resources)
Vikram Issar (General Manager - Consumer Banking)
Raghunandan S Menon (Chief Risk Officer and General Manager - Risk Management)
Ahmad Khalid Al-Duwaisan (General Manager-Corporate Banking)
References
http://www.e-gulfbank.com/eng/aboutUs/overview/index.jsp?t=1494140620234
http://www.e-gulfbank.com/eng/aboutUs/newsroom/archivedNews.jsp?t=1494140633127
http://www.e-gulfbank.com/eng/aboutUs/boardOfDirectors/index.jsp?t=1494140639948
http://www.e-gulfbank.com/eng/aboutUs/executiveManagement/index.jsp?t=1494140646158