Gulf Bank today announced a net profit of KD 19 million for 2010, compared to a loss of KD 28 million in 2009. Gulf Bank’s spokesperson mentioned that the operating profit for 2010 exceeded KD 135 million, compared to KD 83 million realized in 2009. (The 2010 operating profits included non-recurring items totaling KD 40 million). In line with its conservative policy, however, the Bank retained the largest portion of the profit to increase specific and excess general loan provisions.
Commenting on these results, Mr. Ali Al-Rashaid Al-Bader, Gulf Bank’s Chairman, said: “These results reflect the improvement in the Bank’s business, the outcome of applying its new strategy of focusing on core banking activities, the growth in the Bank’s credit facilities to productive economic sectors, as well as the expansion in banking services in general. These results also reflect the Bank’s conservative policy of building excess internal reserves, enabling the Bank to enhance its capabilities of growth and expansion.
The general improvement in the national economic conditions, and the commencement of the five-year development plan projects, had an obvious effect on attaining these results.” Al-Bader continued.
“Additional improvements in the Bank’s business and results are expected for 2011, especially if active implementation of the five-year plan continues, including the role of citizens and their institutions in owning and managing the various national economic projects. This will entail a tangible improvement in the levels of economic activity, and will promote confidence of investors and businessmen, thus positively reflecting on the national economy and the profitability of national institutions operating in the economy.” He concluded.
It is worth noting that during 2010, Gulf Bank won numerous prestigious awards, including Best Retail Bank from Arabian Business magazine, Best Public Relations Campaign within the framework of Corporate Social Responsibility (CSR), Best Loyalty Program, Best Customer Contact Center, all from Banker Middle East, the Citi Performance Excellence Award for International Payments, and the JP Morgan Quality Recognition Award for Operational Excellence.
Gulf Bank also won the GCC Localization Award from GCC Ministry of Social Affairs for the sixth consecutive year, the GCC Employer of the Year at the 2nd GCC Human Resource Excellence Awards ceremony, in addition to “Best Customer Interactivity” award at the Second Annual Competition for “Banking Web” awards.