Gulf Bank on Tuesday reported KD 15 million (USD 49.5 million) in net profits for the first quarter of this year, an increase of 26 percent, compared with the same year of last year.

Gulf Bank’s Chairman Jassim Boodai said in a press statement that the bank recorded an operating revenue of KD 41.5 million (USD 136.9 million) for the first quarter of 2022, and an operating income of KD 21.5 million (USD 71.6 million).

Growth in net profits was mainly driven by an increase in non-interest revenues by four percent or KD 0.4 million (USD 1.3 million), and a drop of three percent or KD 0.7 million (USD 2.3 million) in operating expenditures, as well as a dip of 30 percent in total provisions, he added.

Non-performing loans hit 1.0 percent on March 31, 2022, 1.5 percent lower than last year’s figure, he pointed out

Source: Kuwait News Agency