Gulf Bank of Kuwait

Gulf Bank of Kuwait
Gulf Bank stands as a prominent financial institution in Kuwait, boasting total assets amounting to KD 7 billion as of September 30, 2023. It offers an extensive array of personal and corporate banking services, treasury functions, and a variety of financial solutions. These services are accessible through an extensive network, comprising more than 50 branches and over 300 ATMs.
Gulf Bank's primary goal is to establish itself as Kuwait's leading financial institution. To achieve this objective, the bank is committed to nurturing a comprehensive work environment for its employees, providing exceptional customer service, and delivering outstanding returns to its shareholders.
In line with its 2025 strategic objectives and in consonance with Kuwait Vision 2035, known as "New Kuwait," Gulf Bank remains steadfast in its dedication to driving significant progress in sustainability. This dedication encompasses comprehensive environmental, social, and governance aspects. The bank meticulously implements a variety of carefully chosen initiatives within its organizational framework and collaborates with external partners to fulfill this commitment.
History
Gulf Bank, which started its journey from a modest headquarters on Fahad Al-Salem Street in Kuwait City, with only 50 employees and a capital of 24 million rupees (equivalent to KD 1.8 million or $6 million), emerged on November 23, 1960. Founded by a group of 12 merchants and established as a joint stock company under the Amiri Decree No. 44, Gulf Bank quickly grew to become one of the largest financial institutions in the country.
Over the span of 63 years, Gulf Bank has actively contributed to Kuwait's development, making significant strides in the realms of society and the national economy. Throughout its existence, the bank has been an integral part of Kuwait's history, present, and future, actively participating in the nation's urban, cultural, and economic revival. Gulf Bank's impact has been profound, financing numerous major development projects either directly, or in collaboration with other financial institutions.
Latest bank results
Gulf Bank reported a net profit of KD 53.8 million for the nine-month period ending on September 30, 2023. This represents a significant increase of KD 8.1 million, equivalent to an 18% rise, compared to the net profit of KD 45.7 million during the same period in 2022.
During the third quarter of 2023, the bank recorded a net profit of KD 18.0 million, marking a 17% increase compared to the third quarter of 2022. Operating income for the same period reached KD 47.9 million, reflecting a 2% growth compared to the previous year. Additionally, the operating profit amounted to KD 25.9 million, representing a 2% increase over the same period in the prior year.
By September 30, 2023, Gulf Bank's total assets reached KD 7.0 billion, with loans and advances to customers totaling KD 5.2 billion. Shareholders' equity was KD 740 million, and total deposits amounted to KD 5.1 billion for the same period.
Board of directors
• Mr. Jassim Mustafa Jassim Boodai (Chairman)
• Mr. Ali Murad Yousef Behbehani (Vice President)
• Mr. Ahmed Mohammed Al-Bahar (Independent Member)
• Mr. Abdulrahman Mohammed Abdulrahman Al-Taweel (Independent Member)
• Mr. Omar Hamad Yousef Al-Issa Al-Qenaei (Member)
• Mr. Bader Nasser Mohammed Al-Kharafi (Member)
• Mr. Barrak Abdulmohsen Ahmed Al-Asfour (Member)
• Mr. Fawaz Mohammed Ahmed Al Awadhi (Member)
• Mr. Abdulla Sayer Bader Al Sayer (Member)
• Mr. Talal Ali Nasser Al Sayegh (Independent Member)
• Ms. Reem Abdullah Issa Al-Saleh (Independent Member)
Executive management
Waleed Khaled Mandani Deputy Chief Executive Officer
Acting Chief Executive Officer
Sami Mahfouz Acting Deputy Chief Executive Officer – Operations
David Chalinor Chief Financial Officer
Abdulrahman AlSaddah Acting Chief Risk Officer
Ali AlFaras Chief Internal Auditor
Faisal AlAdsani General Manager - Corporate Banking
Mohammad AlQattan - General Manager - Consumer Banking
Hani AlAwadhi - General Manager – Investments
Lamia Karam - General Manager – Treasury
Mona Mansour - General Manager - Customer Service Delivery
Salma AlHajjaj- General Manager - Human Resources
Dari AlBader - General Manager - Corporate Affairs
Shahzad Anjum - General Manager - Information Technology
External links
Official Website
References
http://www.e-gulfbank.com/eng/aboutUs/overview/index.jsp?t=1494140620234
http://www.e-gulfbank.com/eng/aboutUs/newsroom/archivedNews.jsp?t=1494140633127
http://www.e-gulfbank.com/eng/aboutUs/boardOfDirectors/index.jsp?t=1494140639948
http://www.e-gulfbank.com/eng/aboutUs/executiveManagement/index.jsp?t=1494140646158
Banks of Kuwait
Banks established in 1960
Companies based in Kuwait City
Kuwaiti companies established in 1960
Companies listed on the Boursa Kuwait