Mubasher: The net profit of Gulf Bank of Kuwait (GBK) surged by 12.2% on an annual basis over the fiscal year ended 31 December 2019 to reach KWD 63.64 million ($209.69 million) when compared to KWD 56.74 million ($186.9 million). 

Earnings per share (EPS) amounted to 21.96 fils last year from 19.54 fils in 2018, up by 12.4%, according to a bourse filing on Sunday.

Over the fourth quarter (Q4) of 2019, the profits leaped by 88.6% to stand at KWD 26.51 million ($87.3 million) from KWD 14.06 million ($46.1 million) 

Moreover, the growing annual profits are largely backed by higher net interest and non-interest income by KWD 11.8 million and KWD 1.4 million, respectively, along with lower provisions and impairment losses by KWD 5 million which were partially offset by the increasing operating expenses by KWD 11 million.  

The company’s board of directors, furthermore, recommended a cash dividend distribution of KWD 31.87 million or 11% of the share’s nominal value for 2019.   

During the first nine-month period of 2019, GBK achieved KWD 37.129 million worth of profits, compared to KWD 42.680 million in the corresponding period in 2018, with a 13% annual drop.