Kuwait’s Gulf Bank records 19 percent net profit rise in 2001
Kuwait's second largest commercial bank, Gulf Bank, recently announced that it has recorded an 18.9 percent rise in its annual net profits, reaching 42.1 million Kuwaiti dinars ($137 million) in 2001, compared to $115 million in the previous year 2000.
The bank’s return on assets rose by 2.39 percent and return on equity increased by 21.9 percent, according to a bank press release. The bank’s earnings per share increased to 51.9 fils ($1.70).
The bank operates 25 branches throughout the Gulf state, and is listed on the Kuwait Stock Exchange.
Kuwait’s largest bank, the National Bank of Kuwait (NBK), recently reported a record net profit of $342 million for the year 2001, up from $327 million in the previous year. NBK’s return on equity (ROE) advanced to 25.4 percent and the return on assets (ROA) rose to 2.57 percent. — (menareport.com)
© 2002 Mena Report (www.menareport.com)