Gulf Bank announced posting KD 8.4 million of net profit for the third quarter of the current year, bringing the net profit for the first nine months up to KD 10.4 million, compared to a loss of KD 7 million for the same period of the previous year.
The Bank's operating profit for the third quarter alone amounted to KD 19.1 million, bringing the profit for the past nine months to KD 106.2 million, compared to KD 93.9 million for the same period of the previous year, an increase of 13%. These results are supportive of the upward trend of the Bank's profitability, following the gradual recovery and restoration of confidence in the Bank's position and its profitability. These results were made possible thanks to a set of positive factors, mainly, improved loan and investment portfolios, proactive response to the relatively improving conditions of the local market, enhanced customer service and bank products quality, as well as upgrading the Bank's performance in various activities and operations.
In this regard, Mr. Ali Al-Rashaid Al-Bader, Chairman of Gulf Bank, said: "These results, although still below the Bank's ambitions, reflect a constant improvement in the Bank's performance and operations, as well as the increasing economic impetus accompanying the implementation of the new five-year development plan. They also mirror the Bank's conservative policy of taking the general provisions to a higher level to secure a strong financial position for the Bank and enhance its expansion and growth potential."
It is worth noting that during 2010, Gulf Bank won numerous prestigious awards, including: Best Retail Bank by Arabian Business magazine, Best Public Relations Campaign within the framework of Corporate Social Responsibility (CSR), Best Loyalty Program, and Best Contact Center, from Banker Middle East, the Citi Performance Excellence Award for International Payments, and a JP Morgan Quality Recognition Award for Operational Excellence.
Gulf Bank also won the GCC Localization Award from he GCC Ministry of Social Affairs for the fifth consecutive year, and the GCC Employer of the Year at the 2nd GCC Human Resource Excellence Awards ceremony.