Gulf Bank achieves net profits of 41.9 million dinars in nine months

Kuwait City, Oct 31 (KUNA) -- Gulf Bank announced on Saturday that it achieved net profits of 41.9 million Kuwaiti dinars (approximately 138.2 million US dollars) in the first nine months of the current year, representing a growth rate of 9.1 percent compared to the same period in 2025.

In a statement, the bank said operating revenues during the period reached 143.1 million dinars (472 million US dollars), an increase of 8.1 percent compared to the same period last year. It clarified that it recorded net profits of 14.4 million dinars (approximately 47.5 million US dollars) in the third quarter, covering the three months ended on September 30, while operating revenues amounted to 48.8 million dinars (approximately 161 million US dollars).

The statement attributed the improvement in net profit for the first nine months of 2026 to a rise in net interest income by 3 million dinars (approximately 9.9 million US dollars), representing a 2.7 percent growth, alongside an improvement in total provisions and impairment losses, which declined by 6.9 million dinars (approximately 22.7 million US dollars), or 24 percent, compared to 2025.

It added that the non-performing loans ratio stood at 1.2 percent as of September 30, compared to 1.4 percent during 2025. Total assets rose by 2.4 percent at the end of September compared to the end of last year, reaching 7.9 billion dinars (approximately 26 billion US dollars), while net loans and advances increased by 7 percent to reach 6.3 billion dinars (approximately 20.7 billion US dollars). Total shareholders’ equity amounted to 860 million dinars (approximately 2.8 billion US dollars).

Quoting the bank’s chairman, Ahmed Al-Bahar, the statement said the bank achieved positive performance during the first nine months of 2026, highlighting the robustness of its business and its ability to navigate changes in the business environment while adhering to the bank’s strategic direction. He added that Kuwait continued its firm focus on advancing its economic reform agenda and achieving its long-term national priorities, despite uncertainties linked to regional conflicts. He expressed the bank’s optimism regarding the momentum achieved during this period, particularly the progress made in developing the regulatory framework for the mortgage financing law.

For his part, Acting CEO Sami Mahfouz said the third quarter marked an important milestone in Gulf Bank’s strategic transformation journey, following the completion of the necessary regulatory and operational preparations to move forward to the next phase of its transition into an Islamic-compliant bank. (End) F.N.K. / K.A.H.