Gulf Bank posts profit rise

08 February 2002

Gulf Bank announced in late January that net profits had risen by 19 per cent to KD 42.1 million ($137 million) in 2001. The bank attributed the growth to increased market share, a broader product portfolio and substantial investment in technology. The bank has proposed a 40 per cent dividend.

Gulf Bank said that return on assets rose by 15 per cent to 2.4 per cent, return on equity was up 11 per cent at 21.9 per cent, and earnings per share increased by 14 per cent to KD 0.52 ($1.69).

The bank, which operates 25 branches in Kuwait, said that nationals now make up more than 40 per cent of its management.

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