Gulf Bank in Kuwait has decided to reward its investors. The bank will distribute a 10% cash dividend and 5% bonus shares for 2024. Investors recorded by April 10 will receive the payments on April 15. The decision comes despite a drop in profits.
The bank’s net profit for 2024 reached KD 60.2 million. This figure shows a 15.5% decline compared to last year. However, the bank’s operating income improved. It rose by 4.8% to KD 199.3 million. Total assets also increased by 4%, reaching KD 7.5 billion.
Gulf Bank’s loans and advances grew as well. They climbed by 3.9% to KD 5.7 billion. Deposits followed the same trend, increasing by 4% annually. The bank maintained a strong capital position. Its capital adequacy ratio stood at 17.3%, well above the required minimum.
“Gulf Bank rewards investors” remains a key focus. The acting CEO, Waleed Khaled Mandani, stated that the bank is committed to growth. He highlighted the possibility of shifting to a Sharia-compliant model. He also emphasized enhancing customer experience.
The bank’s risk remains under control. Non-performing loans stayed low at 1.3%, while the coverage ratio reached 340%. This stability reassures investors about the bank’s future.
Gulf Bank rewards investors again with a rising stock price. Following the announcement, the bank’s shares gained 3%. The stock closed at KD 0.338, reflecting positive investor sentiment.
With solid financials, Gulf Bank rewards investors and prepares for future expansion. Its strong ratings from credit agencies confirm its stability. The focus remains on sustainable growth and better customer service.
