Dubai, UAE — Kuwait’s Gulf Bank Wednesday reported a net profit of KD 17.3 million ($56.50 million), an increase of KD 2.3 million or 15 percent compared to 2022 first three months net profit of KD 15 million.
The bank’s return on assets improved from 0.9 percent in the first quarter of 2022 to 1 percent for the first quarter of 2023 and return on equity grew from 9.2 percent to 9.9 percent.
Gulf Bank recorded an operating income of KD 46.4 million for the first three months of 2023, and an operating profit before provisions of KD 25 million for the same period.
The increase in the net profit was mainly driven by a 12 percent or KD 4.9 million increase in operating income supported by a noticeable enhancement in net interest income of 8 percent or KD 2.6 million and non-interest income of 24 percent or KD 2.3 million compared to first quarter 2022, the bank said in a statement.
The operating profit has increased by KD 3.2 million or 15 percent for the first quarter of 2023 compared to the same period of last year.
Compared to 31 March 2022, total assets increased by 5 percent to KD 6.8 billion, loans and advances to customers increased by 6 percent to KD 4.8 billion, while customer deposits reached KD 4.2 billion. Shareholders’ equity reached KD 705 million, an increase of 6 percent.