Mubasher: Gulf Bank of Kuwait (GBK) has achieved a growth of 17.2% in profits during the fourth quarter of 2017 compared to the corresponding period in the prior year.
GBK’s earnings increased to KWD 11.88 million ($39.7 million) in Q4-17 compared to KWD 10.14 million ($33.9 million) in Q4-16, according to a recent statement on Thursday.
During the 2017 fiscal year, the Kuwait-based lender reported an increase of 11.8% in profits to KWD 48.02 million compared to 42.94 million in the prior fiscal year.
The rise in profits is attributed to higher revenue from interests, the statement added.
GBK’s board members recommended a cash dividend of 9% or 9 fils per share for FY17, subject to the regulatory authorities and the ordinary general meeting on 7 March 2017.
At the stock level, GBK closed Thursday 0.84% higher at 241 fils.
