• The recent upgrade strengthens the Bank’s capital base and help it to progress.
• We are working continuously to achieve strong and solid performance and maintain positive results.
• The foreign investor's share in the Bank is increasing, reaching 13% in April 2022.
• We are proactive in implementing our sustainability program and are keen to contribute to greener finance.
• We are optimistic about the sector’s performance due to the rise of oil prices and the increase in government projects.

 

Kuwait, 18 May 2022: In an interview with CNBC Arabia, Waleed Khaled Mandani, the Deputy CEO at Gulf Bank, said: “Gulf Bank’s upgrade to the MSCI World Index came after fulfilling the requirements of the upgrade in terms of market capital, liquidity and availability of shares, in light of the continuous growth of financial indicators during the last period, and the positive outlook The Bank enjoys, rapid digital development, and application of the best standards of sustainability and governance.”

 

He noted that the Bank’s net profits increased by 26% to reach 15 million dinars in the first quarter compared to the same period in 2021. The return on average shareholders' equity increased to 9.2% for the first quarter.

 

Mr. Mandani pointed out that the total loans provided to customers increased by 7% to reach 4.8 billion dinars, an increase of 335 million, while the percentage of non-performing loans decreased to 1% in the first quarter, compared to 1.5% in the same period last year. However, the Bank still maintains abundant allocations to cover non performing loans by an estimated percentage of 548%.

 

Foreign Investment

 

During the interview, Mr. Mandani indicated that Gulf Bank's upgrade on the MSCI World Index strengthens the Bank’s capital base in terms of foreign investment, and affirms foreign investors’ confidence in the Bank, pointing out that foreign ownership rates in the stock rose to 13%. He stressed also that the Bank is working continuously to achieve strong and solid performance and maintain positive results, which contributes to strengthening the position of the bank locally, regionally and globally and helps it to progress during the next phase.

 

When addressing the importance of applying sustainability standards as a main indicator to attract foreign investments, Mr. Mandani said, “Gulf Bank is a pioneer in implementing sustainability standards, as we launched our first sustainability report last year, and will continue to prioritize sustainability.” Mandani also stressed the Bank’s commitment to green finance and green securities issuances.

 

Optimistic Forecast

 

Mr. Mandani expressed optimism about the performance of the banking sector during the upcoming months and years, saying: “My expectations are very positive for the performance of banks in Kuwait and the region due to the rise in oil prices and the increase in investment spending on major government projects, which increases our expectations of strong results for Gulf Bank and other banks.”

 

Gulf Bank’s vision is to be the leading Kuwaiti Bank of the Future. The Bank is constantly engaging and empowering its employees as part of an inclusive and diversified workplace in recognition of every employee’s role in delivering customer excellence and serving the community at large. With its extensive network of branches and innovative digital services, Gulf Bank is able to give its customers the choice of how and where to conduct their banking transactions, all while ensuring a simple and seamless banking experience.

 

Gulf Bank is committed to maintaining a robust sustainability program at the community, economic, and environmental levels through sustainability initiatives that are strategically selected to benefit both the country and the Bank. Gulf Bank supports Kuwait Vision 2035 “New Kuwait” and works with various parties to achieve it.