Kuwait-Mubasher: Gulf Bank of Kuwait (GBK) reported a growth of 34.4% in the second quarter’s profits this year as compared to the same period in 2015.
GBK’s earnings grew to KWD 11.93 million ($39.41 million) in Q2-16 from KWD 8.88 million ($29.34 million) in Q2-15, according to a recent statement.
During the first half of 2016, the bank achieved an increase of 11% in profits to KWD 20.7 million versus KWD 18.66 million in the same period of 2015.
“Our focus on consumer banking also continued to be rewarded, driven by our credit card business which delivered a 16% increase in customer card spend year-over-year. This was due primarily, to the continued success of our Gulf Rewards credit card loyalty program, Gulf Rewards, which we launched in the last quarter of 2015,” GBK chairman Omar Kutayba Alghanim said according to the statement.
Operating revenues, excluding general provision expenses, witnessed a strong improvement by 29% to reach KWD 41.9 million from KWD 32.6 million.
“The bank successfully completed the issuance of KWD 100 million in Tier 2 capital in May 2016, pushing its Capital Adequacy Ratio under Basel III to 18.3% against the minimum regulatory requirement of 14.0%,” the statement added.
