Mr. Omar Kutayba Alghanim, Gulf Bank's

Chairman

Kuwait – 3 November, 2013: Gulf Bank today announced an operating profit before provisions of KD 80.6 million for the first nine months of 2013, which was driven by its consistent growth strategy, customer centric focus and financial discipline.  In continuing with the strategy to build a fortress balance sheet, the Bank increased its precautionary general provisions to KD 150 million. The net profit was KD 24.1 million for the first nine months of 2013, up 7% against KD 22.4 million for the same period last year.  As of end of September 2013, the Bank's total assets were KD 5,063 million, deposits stood at KD 4,185 million and total shareholders' equity was KD 475 million.

The Bank maintained the positive trend of reducing the non-performing loan ratio from 10.9 % in 2012 to 7.3%, which continues to be one of its key focus areas.  The Bank's non-performing loans are now more than 160% covered by provisions and collaterals.

Commenting on the results, Mr. Omar Kutayba Alghanim, Gulf Bank's Chairman said: "I am pleased to report the steady progress the Bank has made so far this year, particularly with 28.6 % percentage decrease in non-performing loans.  I am also very honored that Gulf Bank recently won the 'Bank of the Year' award from Arabian Business, this is the second time we have been named the best bank in Kuwait in under a year, as we received a similar accolade from The Banker last December. This solidifies our position as the leading bank in Kuwait, and one that consistently provides our valued customers with the best and the fastest banking services possible."

Commenting on the CEO's departure from the Bank, Mr. Alghanim said: "I would like to take this opportunity to thank our CEO, Michel Accad who has been with us since August 2009. His turnaround strategy saw Gulf Bank not only re- build trust and recover, but become a market leader in Kuwait. His hard work and dedication will not be forgotten, and we wish him every success in his future endeavors. Michel will remain with Gulf Bank until early next year to ensure a smooth transition to a suitable successor."

Gulf Bank has been recognized as the Best Bank in Kuwait by The Banker, a leading Financial Times Publication. The Bank also won several other important industry awards across all disciplines, including: 'Bank of the Year' award from Arabian Business, Best Retail Bank by Asian Banker, Best Domestic Bank by Banker Middle East, and Mr. Omar Alghanim, Chairman of Gulf Bank won 'Businessman of the Year' from Arabian Business.