Kuwait-based Gulf Bank on 27 January announced an 8 per cent rise in profits to KD 45.5 million ($152 million) for 2002. Earnings per share increased 10 per cent to KD 0.056 ($0.19). Return on assets decreased marginally to 2.35 per cent from 2.39 per cent, which the bank said indicated that the impact of low interest rates and intense price competition had been weathered well. 'Gulf Bank has continued to outperform its major competitors in Kuwait even in the lower interest rate environment and difficult market conditions that all banks faced in 2002,' said Gulf Bank chairman and managing director Bassam Alghanim. Net interest income climbed 4 per cent to KD 4 million ($13.3 million). Alghanim said that the results also reflected the bank's strategy of expanding and improving its branch network and increasing its electronic banking services. First half profits were up 10 per cent on the same period in 2001 to KD 24.7 million ($80 million - MEED 19:7:02).