ShareKUWAIT: Gulf Bank held its ordinary general assembly meeting on Saturday with a quorum of 77.3 percent, approving a cash dividend of 10 percent per share and bonus shares of 5 percent for the financial year ended December 31, 2024.
In his statement to the shareholders, Gulf Bank Chairman Ahmad Mohammed Al-Bahar said: “Gulf Bank has continued to strengthen its position as a leading financial institution in Kuwait, delivering many achievements at multiple levels and indicators, despite market challenges and volatility.”
He added: “We are eager to continue advancing the growth of the bank’s performance as one of our strategic priorities, while enhancing service quality and enriching the customer experience. At the same time, we remain dedicated to maintaining the bank’s strong financial position and consistently delivering meaningful returns to our shareholders.”
“As we move forward into 2025, we will continue to pursue our strategic initiatives, mainly the feasibility and procedures of converting Gulf Bank’s conversion into a Sharia-compliant Bank, with the aim to achieve sustainable growth for all stakeholders. We are confident that our strategic initiatives, supported by strong governance and sound risk management, will ensure our continued success.
Financial growth
Gulf Bank’s Acting Chief Executive Officer Waleed Khaled Mandani stated that: “2024 was a year of notable progress for Gulf Bank, highlighting the Bank’s key financial indicators during the past year.”
He stated: “The Bank achieved a net profit of KD 60.2 million last year, while the operating income increased by 5 percent to KD 199 million and operating profit by 3 percent to KD 107 million compared to last year.”
He added: “In comparison to December 31, 2023, Gulf Bank’s total assets increased by 4 percent to reach KD 7.5 billion, with net loans and advances rising by 5.2 percent to KD 5.5 billion. Additionally, total deposits grew by 4.3 percent to reach KD 5.6 billion, while shareholders’ equity increased by 2.1 percent to reach KD 834 million for the year ended 2024.”
He stated that the Bank’s capital remained robust, as the Capital Adequacy Ratio stood at 17.3 percent compared to the regulatory minimum of 14 percent; the NPL ratio was one of the lowest in the sector at 1.3 percent, with a coverage ratio of 340 percent, including total provisions and collateral.
Mandani stated: “In 2024, Gulf Bank continued to focus on its key objective of enhancing and personalizing customer experience post the completion of Phase II of the core banking system upgrade, and we are anticipating further progress this year.
Board of Directors elections
The Ordinary General Assembly of Gulf Bank elected the Board of Directors for the next three years, consisting of Ahmad Al-Bahar, Ali Behbehani, Omar Al-Essa, Abdullah Al-Sayer, Dr Fawaz Al-Awadhi, Muath Al-Rayes, and Dalal Al-Rayes. Additionally, it elected the independent members: Dr Abdulrahman Al-Taweel, Talal Al-Sayegh, Majed Al-Ajeel, and Eid Al-Rasheedi.
Dividends payment date on April 15
The Bank’s shareholders registered in the company’s records as at the end of the record date, set on April 10, are entitled to cash dividends and bonus shares, whereby the payment date is set on April 15.
Among top 100 listed companies in the region
Forbes magazine ranked Gulf Bank among the top 100 listed companies in the region, and The Banker magazine named it one of the top 100 Arab Banks for 2024. Gulf Bank remains “A” rated bank by the three leading credit rating agencies, with total assets of KD 7.5 billion as at December 2024.
Eco-friendly branches
The Bank continues to implement its ambitious plan to transform its branch network across various parts of Kuwait into environmentally friendly branches with a new identity. Last year, the new branch in Sabah Al-Ahmad Residential City was opened, and six branches were renovated and reopened. These branches are equipped with energy-saving technologies and sustainable materials, reflecting our commitment to environmental responsibility. By prioritizing innovation and customer convenience, the new branch design enhances the client experience while contributing to a greener future.
InvestGB commences operations
After receiving regulatory approvals, InvestGB, the fully-owned investment arm of Gulf Bank, is now successfully positioned as one of the leading firms in Kuwait’s investment sector within its first year. Through several strategic partnerships with prominent global companies, InvestGB is able to offer its clients exceptional services and unique investment opportunities.
13 global and regional awards
Gulf Bank received 13 global and regional awards during 2024 in recognition of its personalized customer service excellence, as well as its distinguished role in corporate social responsibility and in the empowerment of women and youth.
A new brand identity for private banking
Gulf Bank has introduced a new brand identity for its private banking services, rooted in three core principles: long-term wealth growth, asset protection, and seamless wealth transfer. This initiative redefines the private banking experience, ensuring that clients receive personalized, comprehensive financial solutions aligned with their aspirations.
Special thanks to Bader Al-Kharafi
Ahmad Mohammad Al-Bahar expressed his appreciation and gratitude to Gulf Bank’s former Chairman of the Board Bader Nasser Al-Kharafi, for his valuable efforts and wise leadership throughout his tenure, wishing him success in his future endeavors. He also extended his appreciation to all members of the Board, the Executive Management and Gulf Bank employees for their commitment and contribution to the bank’s success.
Acknowledgment and appreciation
Ahmad Al-Bahar stated: “On behalf of the Board of Directors, I would like to express my appreciation to the Central Bank of Kuwait, the Capital Markets Authority and the Ministry of Commerce and Industry for their relentless efforts in supporting and promoting the Kuwaiti banking sector. My appreciation goes out as well to our esteemed customers, partners, and shareholders, for their trust and support.
Ahmad Mohammad Al-Bahar
•Gulf Bank continues to strengthen its position as a leading financial institution in Kuwait despite challenging and volatile markets
•We are committed to maintaining the Bank’s strong financial position and delivering consistent returns to our shareholders
•We will continue the feasibility and procedures of converting Gulf Bank’s into a Sharia-compliant Bank with the aim to achieve sustainable growth for all stakeholders
•We are confident that our strategic initiatives supported by strong Governance and sound Risk Management will ensure our continued success
Waleed Khaled Mandani
•2024 was a year of notable progress for Gulf Bank marking a net profit of KD 60.2 million
•We continued to focus on enhancing and personalizing our customer experience while anticipating further progress this year
•Total assets increased by 4 percent to KD 7.5 billion and shareholder equity by 2.1 percent reaching KD 834 million
•Capital Adequacy Ratio stood at 17.3 percent, well above the regulatory minimums and our NPL ratio stood at 1.3 percent, one of the lowest in the sector
