Gulf Bank to pay dividend despite profit fall

Shareholders of Gulf Bank, which trades on the Kuwaiti stock exchange, have approved the payment of an annual dividend and bonus shares for 2024 despite a drop in profit for the year.

Shareholders on April 10 will be entitled to 10 percent cash dividends and 5 percent bonus shares, the lender said in a statement. The distribution date is set for April 15.

The bank reported a net profit of KD60 million ($195 million) in 2024, down 16 percent year on year.

Operating income increased by 5 percent annually to KD199 million.

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Acting CEO Waleed Khaled Mandani said the total assets increased by 4 percent annually to KD8 billion.

Net loans and advances rose 5 percent year on year to KD6 billion, while total deposits grew 4 percent yearly to  KD6 billion.

The bank closed 3 percent higher at KD338 on Sunday.