Kuwait-Mubasher: Gulf Bank of Kuwait (GBK) reported profits worth KWD 8.8 million ($29.18 million) in the first quarter of 2016, KWD 1 million lower from the same period in 2015, according to a recent statement.
Operating income increased by 6% or KWD 2.5 million to reach KWD 44 million; GBK’s operating profits grew 5% or KWD 1.2 million to stand at KWD 28.4 million.
Nonperforming loans (NPLs) declined 2.8%, while the bank’s loans coverage soared 350% in the first quarter of 2016.
GBK’s capital adequacy ratio (CAR) accounted for 15.4%, in accordance with Basel III requirements, as compared to the target of 13%.
GBK fell 1.7% to 232 fils by the end of Monday’s session, as 1.35 million shares were traded at a value of about KWD 313, 420.
