Gulf Bank announced their 2009 financial results this morning in the press release. They posted an operating profit of 83 million KD for 2009 . Also there was provision requirements for around 111 million KD for the credit portfolio which led to a net loss of 28 million KD for the year.
Ali Al-Rushaid Al-Bader, Gulf Bank’s Chairman, stated: “Gulf Bank’s normal operating profit amounted to KD 106 million before adjusting it for accounting considerations. This notable operating performance is the direct result of the hard work of all the staff, as well as the new conservative strategy to refocus on our core banking business. However, this strong operating performance was, unfortunately, negatively impacted by the provisions required for coping with the retreating quality of some credit facilities and market general conditions”.