KUWAIT, 15 February 2004 — Gulf Bank, the second largest bank in Kuwait, yesterday reported a record 48.5 million dinar ($165 million) profit for 2003, up 6.6 percent from the 45.5 million dinars earned in 2002.
The bank, in a profit statement issued after a meeting of its board, said earnings per share grew by nearly seven percent last year to 60.83 fils from 56.91 fils in the previous year. There are 1,000 fils per dinar.
The statement showed that operating profits rose to 50.18 million dinars in 2003 from 47.11 million dinars in 2002 and operating revenues moved up to 77.38 million dinars from 69.25 million dinars. Total assets rose to 2.48 billion dinars by December 31, 2003 from 1.99 billion dinars at the end of the previous year, added the statement. Chairman and Managing Director Bassam Yusuf Al-Ghanim said the bank remained focused on growing its market share and core customer activity, despite very low interest rates, strong competition and what he said were “frequent interruptions to regular business in Kuwait during the first half of 2003.”