Economic Update – Gulf Bank Kuwait
Gulf Bank Kuwait reported a net profit of 19.95 million dinars (approximately 64.60 million dollars) for the fourth quarter of 2024, marking a 14.8% increase from 17.38 million dinars recorded in the same period last year.
However, the bank’s annual net profits for 2024 experienced a decline of 15.5%, totaling 60.172 million dinars compared to 71.211 million dinars in 2023, as revealed in results disclosed on the Kuwait Stock Exchange.
The bank attributed this decrease in annual profits to increased provisions and losses related to value impairments amounting to 14.9 million dinars, along with a rise in operational expenses totaling 5.7 million dinars. This was juxtaposed with an increase in operating income of 9.1 million dinars.
In light of these results, the Board of Directors has recommended a dividend distribution of ten fils per share, along with a bonus of five shares for every hundred shares held, as part of the profits from 2024.
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