Gulf Bank reports KD 22.4 mln net profit in 2012

Gulf Bank announced on Tuesday a net profit of KD 22.4 million for the first nine months of 2012, against KD 27.4 million over the same period in 2011 due to transfers to the precautionary general provisions. The Bank's earnings' operating profit were KD 91.1 million before provisions for the first nine months of 2012, compared to KD 82.2 million for the corresponding period last year, the lender said in a statement. In line with the strategy, the bank increased its precautionary general provisions by KD 46 million to reach KD 136 million. Mahmoud Al-Nouri, Gulf Bank's Chairman said "Gulf Bank's performance has been driven by its consistent growth strategy, customer centric focus and financial discipline. "We continue to set the industry benchmark for outstanding customer service with our 'We Promise' program, while maintaining world-class operating efficiency and enjoying solid and consistent growth in our market share. "Meanwhile, we continue to build our fortress balance sheet by transferring part of the operating profit to enhance precautionary general provisions to meet any unexpected economic circumstance at the local and global levels," He added. "Over the last year, both the global and local markets have delivered challenges, which require us to be flexible and fast-moving." In 2012, Gulf Bank has frequently been recognized, regionally and internationally, across a number of disciplines, winning numerous prestigious awards.