Mubasher: Chairman of Gulf Bank of Kuwait (GBK), Omar Kutayba Al Ghanim, said that the bank’s non-performing loans (NPLs) were covered by 414% in 2017 fiscal year.

The loan quality has improved in GBK due to the decrease in NPLs to KWD 73 million in FY17, representing 1.7% of total loans, compared to KWD 93 million which accounted for 2.4% of total loans in FY16, Al Ghanim said, according to a recent statement.

The top official added that GBK continues to achieve a strong capital adequacy ratio (CAR) that reached 17.85 in FY17; this amount exceeds the required regulatory ratio of 14%.

Assets of the Kuwait-based lender grew by 4% to KWD 5.68 billion in FY17, while the shareholders’ equity rights rose by 5% to KWD 601 million.

Loans granted to GBK’s clients reached KWD 4.06 billion by the end of FY17, registering a year-on-year increase of 8% when compared to FY16, the chairman said.

Earnings per share (EPS) stood at 17 fils in FY17 compared to 15 fils in FY16.

Return on average assets reached 0.86% in FY17 compared to 0.79% in FY16, while return on average shareholders’ equity rights stood at 8.2% in FY17 compared to 7.7% in the previous year.