Gulf Bank K.S.C.P. reported a net profit of KD 41.9 million for the first nine months of 2026, marking a 9.1 percent increase compared to KD 38.4 million for the same period in 2025. The bank’s operating income rose by 1.8 percent year-on-year to KD 143.1 million during this period. For the third quarter ending September 30, 2026, Gulf Bank posted a net profit of KD 14.4 million and operating income of KD 48.8 million, maintaining levels close to those recorded in the third quarter of 2025.
The improvement in net profit primarily stemmed from an increase in net interest income by KD 3.0 million (2.7 percent) and a significant reduction in total provisions and impairment losses by KD 6.9 million (24 percent) year-on-year. These gains were partly offset by a KD 5.7 million rise in operating expenses and a slight decline in non-interest income.
Asset quality remained strong, with the non-performing loans (NPL) ratio declining to 1.2 percent as of September 30, 2026, down from 1.4 percent the previous year. The bank maintained a robust non-performing loans coverage ratio of 334 percent, which includes total provisions and collateral. Total credit provisions stood at KD 252 million, exceeding the IFRS 9 expected credit losses requirement of KD 163 million, resulting in an excess provision buffer of KD 89 million.
Gulf Bank’s total assets increased by 2.4 percent to KD 7.9 billion as of September 30, 2026, while net loans and advances grew by 7.0 percent to KD 6.3 billion. Total deposits held steady at KD 5.8 billion, and shareholders’ equity reached KD 860 million. The bank’s regulatory Tier 1 capital ratio was 13.7 percent—270 basis points above the minimum regulatory requirement—while its Capital Adequacy Ratio (CAR) stood at 15.7 percent, also well above the regulatory threshold.
Commenting on the results, Gulf Bank Chairman Ahmad Mohammad Al-Bahar highlighted the bank’s resilience amid a changing operating environment and reaffirmed its commitment to executing strategic initiatives. He noted Kuwait’s continued focus on economic reforms and national priorities despite regional uncertainties, citing progress in the Real Estate Financing framework and the qualification of 22 consortiums under the Real Estate Developer Program as key developments that are expected to stimulate market activity and create new opportunities for the banking sector.
Acting Chief Executive Officer Sami Mahfouz emphasized the bank’s business momentum driven by strong corporate lending and enhanced customer experience through digital initiatives. He pointed out that net loans and assets grew significantly while maintaining strong asset quality and credit discipline. Mahfouz also stated that the third quarter marked a milestone in Gulf Bank’s strategic transformation with the submission of a request to the Central Bank of Kuwait to advance the next phase of its planned conversion to an Islamic bank, aimed at broadening its product offerings and increasing value for stakeholders.
The bank’s financial strength and operational resilience were reinforced by credit rating agencies, with Fitch Ratings affirming its Long-Term Issuer Default Rating at ‘A’ (Stable Outlook), Moody’s confirming long-term deposits at ‘A3’ (Stable Outlook), and Capital Intelligence maintaining a Long-Term Foreign Currency rating of ‘A+’ (Stable Outlook).
Additionally, Gulf Bank received regional recognition in the third quarter for its innovation and customer service, securing awards for “Best Loyalty & Rewards Program,” “Branch Innovation,” and “Gen Z Product” from Asian Banking & Finance.
Looking ahead, Gulf Bank plans to build on its 2026 achievements by advancing key strategic priorities while sustaining growth across its core business segments. Chairman Al-Bahar expressed gratitude to shareholders, clients, employees, and regulatory authorities for their continued support and confidence.