Kuwait's Gulf Bank announced an operating profit before provisions of KWD106.8 million for the year ending 2014 and a Net profit at KWD35.5 million, which is a 10% increase over 2013.

At the end of December 2014, the Bank’s total assets were KWD5,331 million.

There has been a significant gain in market share in loans, mainly attributable to the 23% growth in retail loans. Overall, this resulted in a growth of 9% vs. the 6% market growth. The growth in low cost deposits was 16% increasing the total deposits at the bank to KWD4,340 million.

Total shareholders’ equity increased to KWD511 million from KWD483 million in 2013.

The Bank maintained its positive trend of reducing the non-performing loan ratio which decreased from 6.5% at the beginning of the year to 3.2% by December 2014 and increased the total coverage ratio of non-performing loans to 266%.

The Gulf Bank’s Board of Directors have recommended a stock dividend of 5% (5 shares for every 100 shares held), for approval at the Shareholders meeting.