Gulf Bank is one of the largest leading banks in Kuwait with a broad offering of consumer banking, wholesale banking, treasury, and financial services. Gulf Bank was founded in 1960, and listed as GBK on the Kuwait Stock Exchange (KSE) in 1984. The Bank has large network of 57 branches, with total assets of KD 5,467 million for year ended 31 December 2016.
About Gulf Bank
Gulf Bank is currently rated ‘A’ by the three leading international credit rating agencies: (A3) Moody’s Investors Services; (A+) Fitch Ratings; and (A-) Standard & Poor’s -S&P. All three rating agencies affirmed the Bank’s ratings, its stable outlook and revenue generating ability. These affirmations confirm the Bank's dedication to creating value for its stakeholders and building a strong and safe bank.
In 2017, Gulf Bank set a Guinness World Records achievement for its Al Danah account prize of KD One Million as the largest prize linked to a bank account in the world. The Bank is also recognized on the Middle East regional level by The Asian Banker for: ‘Best Credit Card Product in the Middle East for Gulf Rewards’; ‘Internet and Mobile Security Technology Implementation of the Year in Middle East and Africa’; and ‘Enterprise Risk Technology Implementation of the Year in Middle East and Africa.' Other awards from respected international publications include: International Finance Magazine (IFM); International Banker; Banker Middle East, and Arabian Business Magazine, Forbes Middle East, among others.
Gulf Bank is strongly committed to giving back to Kuwait and society through its corporate social responsibility program. The Bank supports numerous events focusing on youth, education, health and fitness, helping the underprivileged, women's empowerment, as well as promoting Kuwait's heritage and culture.
History
Gulf Bank was founded in 1960, and commenced business operations in a rented flat on Fahad Al-Salem Street in Kuwait City with a total of 50 employees and a capital of 24 million rupees, equivalent to KD 1.8 million (USD 6 million). The Bank received permission from the Kuwait municipality in 1961, to construct its headquarters and was initially granted permission to build up to four floors and an optional basement. Over the years, additional floors were constructed in the headquarters, but care was taken to maintain the original architecture and design of the building whereby maintaining its historic look and keeping to its early roots. The Bank's Headquarters is considered to be one of Kuwait City's landmarks.
The Bank's logo and branch concept design is strongly inspired by Kuwait's seafaring heritage. The decor of the customer area and furnishings have been specially designed in the shape of a dhow and fitted with complementary accessories matching the intrinsic nautical theme. Customers entering the branch experience the warmth and spirit of true Kuwaiti heritage coupled with an efficient and high-quality banking service environment, as well as exceptional customer service.
Latest bank results
Gulf Bank recorded a net profit of KD 43 million for the year ending 2016, an increase of 10% over the previous year. Loan quality continued to improve; gross credit cost (specific provisions plus write-offs) has declined by 16% to KD 72 million compared to 85 million in 2015. Non-performing loans (NPLs) reached KD 93 million or 2.4%, levels that have not been seen since 2007.
The Bank enjoys a strong capital adequacy ratio of 18.5%, which is well above the regulatory requirement of 14%. The capital of the Bank has been further enhanced by our successful issuance of KD 100 million of Tier II capital in May 2016. The assets of the Bank were steady at KD 5,467 million, while total shareholders’ equity was up by 7% to KD 573 million. Customer loans ended the year at KD 3,446 million.
In terms of profitability, the Bank's earnings per share for the year ending 2016 was 15 fils compared to 13 fils for the year ending 2015. The return on average assets was 0.79% compared to 0.72% in 2015 and the return on average equity was 7.73% compared to 7.43% for the previous year.
Board of directors
Omar Kutayba Alghanim (Chairman)
Ali Morad Yusuf Behbehani (Deputy Chairman)
Bader Nasser Al Khorafi (Board Member)
Omar Hamad Youssef Al-Essa (Board Member)
Jasem Mustafa Boodai (Board Member)
Sayer Bader Al-Sayer (Board Member)
Basel Yousef AlReshaid Al Bader (Board Member)
Bader Abdulmohsen El-Jeaan (Board Member)
Khaled Faisal Ali Al Mutawa (Board Member)
Executive Management
Antoine Daher (Chief Executive Officer)
Kevin Smith (Chief Financial Officer)
Hussam Sulieman Mustafa (Chief Internal Auditor and General Manager - Internal Audit)
Khaled Al-Mutawa (General Manager - International Banking and Investments)
Mona Mansour (General Manager - Customer Service Delivery)
Nabil B. Abdel-Malek (General Manager - Legal Affairs and General Counsel)
Salma Al-Hajjaj (General Manager - Human Resources)
Vikram Issar (General Manager - Consumer Banking)
Raghunandan S Menon (Chief Risk Officer and General Manager - Risk Management)
Ahmad Khalid Al-Duwaisan (General Manager-Corporate Banking)
References
http://www.e-gulfbank.com/eng/aboutUs/overview/index.jsp?t=1494140620234
http://www.e-gulfbank.com/eng/aboutUs/newsroom/archivedNews.jsp?t=1494140633127
http://www.e-gulfbank.com/eng/aboutUs/boardOfDirectors/index.jsp?t=1494140639948
http://www.e-gulfbank.com/eng/aboutUs/executiveManagement/index.jsp?t=1494140646158
- http://www.e-gulfbank.com/eng/images/Signed%20FS-31%20Dec%2016-English-ch%5B2%5D_tcm21-65741.pdf?t=1485873697596
