Gulf Bank of Kuwait
|This article relies too much on references to primary sources. (October 2010)|
Gulf Bank Kuwait is one of the largest commercial banks in Kuwait.
Gulf Bank Kuwait was first incorporated on November 23, 1960 and commenced business on October 5, 1961. The Bank opened in a rented flat on Fahad Al-Salem Street in Kuwait City with a total of 50 employees and 1.8 million Kuwaiti dinars ($6 million US Dollars). The Bank's Headquarters relocated to Abdulla Al Salem Street in 1964 and then to Mubarak Al Kabir Street in 1974, which is its current location. It has 51 branches distributed around Kuwait, including the Head-Office (Mubarak Al Kabir branch) and has approximately 1500 employees of various nationalities, with more than 60% Nationals in the Head-Office and over 90% in the branches.
The main groups of the Bank are Consumer, Corporate, Treasury and International Banking.
Latest Bank Results
Gulf Bank’s results in 2013 reflected its steady progress and normalized operating profits grew to KD99.6 million (excluding KD 9.8 million of non-recurring income) from KD 96.1 million (excluding KD25.3 million on non-recurring income) in the prior year. Continuing Gulf Bank's strategy to build a fortress balance sheet, the Bank increased its precautionary general provisions to KD 158 million. The net profit at KD32.2 million in 2013 was up 4.1% against KD30.9 million in 2012. As of 31 December 2013, the Bank’s total assets were KD5,064.8 million, deposits stood at KD4,086.1 million and total shareholders’ equity was KD483.1 million.