Gulf Bank posts net profit of KD 20.7 mln for first half of 2016

KUWAIT, July 24 (KUNA) -- Gulf Bank announced on Sunday a net profit of KD 20.7 million for the first half of 2016, an increase of 11% (KD 2 million) compared to the same period last year.
Loan quality continues to improve as the bank's total loan loss reserves skyrocketed from KD 32.6 million to KD 41.9 million, an increase of 29%, Gulf Bank's Chairman Omar Al-Ghanim said in a press statement.
Moreover, the bank successfully completed the issuance of KD 100 million in Tier 2 capital in May 2016, pushing its Capital Adequacy Ratio under Basel III to 18.3% against the minimum regulatory requirement of 14.0%, the statement added.
Further, the statement pointed out that the bank's net credit costs were reduced by 85% during the first half of the year, while total loan loss reserves amounted to USD 302 million and general provisions made up for 66% of total provisions. (end) asa.nam