Gulf Bank realized a net profit of KD 12.8 million in the first half of this year compared to KD 18.3 million the same period last year.

Bank Chairman Mahmoud Al-Nouri said, in a statement Monday, that the bank achieved an operating profit in the first half of this year that stood at KD 58.7 million, pointing out there had been an increase in precautionary resave funds of about 34 million, up to KD 124 million.

He added that the bank's total assets amounted to KD 4.876 million and total deposits to KD 4.063 million, while shareholders' equity totaled KD 440 million.
Al-Nouri said the bank's activates will continue in the same positive trend with the improvement in results and boost allocations, stressing that the bank has regained its leading position in the domestic market through innovative products, in addition to hedging plans imposed to bolster the balance sheet and protect against any unpredictable hitches that hit the market.

He said that the results of the first half of the year prove the bank's strategy feasibile and sound, with its focus on providing the best and fastest banking services, as urged by the Board of Directors and through effort of all working groups at the bank.