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Kuwait: - Gulf Bank concluded its Ordinary Annual General Meeting No. 58, held at the Jumeirah Beach Hotel- Kuwait, on Monday 11 March 2019, with a 75.40% quorum.
Gulf Bank’s Chairman, Mr. Omar Kutayba Alghanim, commenced the meeting by welcoming the shareholders by displaying a short video highlighting the Bank’s major business and strategic accomplishments throughout 2018. Mr. Alghanim then added: “We are extremely happy with our Bank’s performance in 2018. We have delivered strong financial results to our shareholders, and we continue to be relentless in our mission to deliver value, service, and innovation to our customers who live and do business in Kuwait and beyond”. Mr. Alganim continued: “This level of profitability enabled us to recommend distributing 10 fils cash dividend to our shareholders, a 51% payout ratio.”
Following Mr. Alghanim’s opening remarks, Gulf Bank’s CEO, Mr. Antoine Daher, presented key financial highlights of Gulf Bank’s performance during 2018. Mr. Daher stated that the Bank recorded a net profit of KD 57 million for the year ended 31 December 2018; an increase of 18% over the previous year. He also shed light on the growth of Gulf Bank’s gross loans portfolio to KD 4.2 billion and the improvement of its asset’s quality, represented by a reduction in the non-performing loans ratio to 1%, the lowest level in its history. Mr. Daher added: “Gulf Bank continues to be well recognized in terms of its credit worthiness and financial strength internationally. During 2018, Gulf Bank was able to achieve “A” level ratings from the top four international credit rating agencies; Moody’s, S&P Global Ratings, Fitch Ratings and Capital Intelligence.”
After the presentation, Mr. Omar Alghanim went through the rest of the agenda items, including the approval of a cash dividend distribution of 10 fils per share. The shareholders approved all the agenda items and Mr. Alganim concluded the meeting by thanking the shareholders for their continuous support and trust in Gulf Bank.
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