Gulf Bank KSCP (GBK`R)

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News

18 May 2020 01:32 PM Gulf Bank sells stake in KFIC

Mubasher: Boursa Kuwait on Monday announced that Gulf Bank has sold its 22.05 million-share stake in Kuwait Finance and Investment’s (KFIC) capital to Abdullah Al Hamad Al Saqr and Brothers Co. The sale process was carried out via an agreed …

Companies Investments

17 May 2020 09:51 AM Moody's changes Kuwait's Gulf Bank outlook to ‘Stable’

Mubasher: Moody's Investors Service has affirmed Gulf Bank's long-term deposits at ‘A3’ and the short-term deposits at ‘P-2’. The rating agency has also changed the bank's outlook to ‘Stable’ from ‘Positive’, according to a bourse statement on …

Banking and Finance

1 April 2020 08:25 AM GBKs's OGM nods to 11 fils/shr dividends for FY19

Mubasher: Gulf Bank’s ordinary general meeting (OGM) consented to the proposed cash dividend distribution of 11 fils per share or 11% of the share’s nominal value for the fiscal year (FY) 2019 after deducting treasury stocks. Shareholders …

Cash Dividends

4 March 2020 02:33 PM GBK appoints new chairman

Mubasher: Gulf Bank of Kuwait (GBK) has named a new board of directors effective as of Wednesday, 4 March.  The new board will be chaired by Jassim Mustafa Jassim Boodai, succeeding Omar Kutayba Yousif Al Ghanim, who will be become a board …

Banking and Finance

9 February 2020 01:16 PM GBK’s profits up 12.2% in 2019; dividends proposed

Mubasher: The net profit of Gulf Bank of Kuwait (GBK) surged by 12.2% on an annual basis over the fiscal year ended 31 December 2019 to reach KWD 63.64 million ($209.69 million) when compared to KWD 56.74 million ($186.9 million).  Earnings per …

Board of Directors

5 November 2019 01:05 PM KPC obtains KWD 350m financing from local banks

Mubasher: The National Bank of Kuwait (NBK) and the Kuwait Finance House (KFH) have jointly managed and issued a KWD 350 million ($1.2 billion) financing to the Kuwait Petroleum Corporation (KPC). The two banks were chosen by KPC to manage …

Sukuk and Islamic Finance

29 October 2019 01:24 PM S&P maintains GBK’s ‘A-’; outlook stable

Mubasher: Standard & Poor’s (S&P) Financial Services maintained its credit rating of Gulf Bank of Kuwait (GBK) at ‘A-,’ with a ‘Stable’ outlook, the bank disclosed Boursa Kuwait on Tuesday. The rating reflected the GBK’s position as Kuwait’s …

Ratings

23 October 2019 09:46 AM GBK logs 17% lower profits in Q3-19

Mubasher: The financial statements of Gulf Bank of Kuwait (GBK) showed a 17.1% year-on-year decline in profits during the third quarter of 2019. The profits decreased to KWD 13.154 million during Q3-19 when compared to KWD 15.866 million in the …

Financial Results

29 September 2019 01:08 PM Fitch Rating affirms GBK’s IDR at ‘A+’; outlook ‘Stable’

Mubasher: Fitch Rating affirms the long-term issuer default rating (IDR) of Gulf Bank of Kuwait (GBK) at ‘A+’ and the short-term IDR at ‘F1’, with a ‘Stable’ outlook. Additionally, the agency has affirmed GBK’s financial Viability Rating (VR) at …

Ratings

28 August 2019 10:07 AM GBK’s stock falls to lowest level in 6M on Wednesday

Mubasher: The stock of the Gulf Bank of Kuwait (GBK) retreated by 0.68% or 2 fils to reach 294 fils, the lowest level in six months. By 10:30 am Kuwait time, the performance of the GBK’s stock was in contrast with the banking sector which gained …

Stock Evaluations

24 July 2019 02:46 PM GBK’s 16% capital sold at 312 fils/shr

By: Mohamed Farouk Mubasher: Boursa Kuwait announced selling 16.081% of the Gulf Bank of Kuwait’s (GBK) capital in favour of Al Ghanim Trading Co. at an initial price of 312 fils per share. Around 490.16 million shares in the bank were sold by …

Trading Activities

18 July 2019 09:56 PM CI affirms rating of Gulf Bank’s KWD 100m Tier 2 subordinated bond

Mubasher: Capital Intelligence Ratings (CI Ratings) affirmed the rating of KWD 100 million Basel III-compliant Tier 2 subordinated bond issued by Gulf Bank at 'BBB+', with a stable outlook. CI ascribed its decision to the bank’s well-established …

Banking and Finance

10 July 2019 08:54 AM GBK Q2 profit slips 24%

Mubasher: Gulf Bank of Kuwait (GBK) on Wednesday posted it has generated a net profit of KWD 12.2 million ($40.2 million) during the second quarter of 2019, down 23.8% year-on-year from KWD 16 million ($52.7 million). In the first half of 2019, …

Banking and Finance

7 July 2019 11:13 AM Kuwait’s banks likely to see 10% rise in H1-19 profits – Analyst

By: Mohamed Farouk Mubasher: Ten Kuwaiti banks listed on Boursa Kuwait are expected to achieve an increase of 9.6% in profits during the first half of 2019, compared to the year earlier, capital market analyst Ahmed Jassim Al Qamr told Mubasher. …

Sector Reports

12 May 2019 00:37 PM KIA eyes selling stake in GBK

Mubasher: The Gulf Bank of Kuwait (GBK) said that Kuwait Investment Authority (KIA), a state-run sovereign investor, seeks to sell its stake in the bank. KIA holds a direct stake of 16.081% in GBK, with around 490.157 million shares, according to …

Companies Investments

2 May 2019 04:38 PM QNBFC research recommends buying of GBK’s stock

Mubasher: The research unit of the Qatar National Bank (QNB) on Thursday recommended the building of positions in Gulf Bank of Kuwait’s (GBK) stock, setting the target price at 345 fils per share. Since 17 December 2018, the stock grew 15%, which …

Trading Activities

29 April 2019 02:24 PM GBK records KWD 11.8m profit in Q1-19

Mubasher: The Gulf Bank of Kuwait (GBK) achieved an increase of 9% in net profits during the first quarter of 2019 compared to the same period in the previous year. Earnings totalled KWD 11.8 million ($38.8 million) in Q1-19, according to a press …

Financial Results

19 March 2019 02:17 PM GBK, Dell Technologies ink digital transformation deal

Mubasher: The Gulf Bank of Kuwait (GBK) on Tuesday announced signing a partnership deal with Dell Technologies for a digitally transformative project. Under the new agreement, the Kuwaiti lender will tap the US firm’s leading storage management …

Company News

14 March 2019 03:39 PM GBK’s board member sells KWD 9m equity in capital

Mubasher: The Gulf Bank of Kuwait (GBK) announced that a board member has sold 31.24 million shares of the bank’s capital during Wednesday. The board member Jassim Mustafa Jassim Boodaihas sold this equity for 291 fils per share at a total value …

Trading Activities

11 March 2019 01:33 PM GBK nods to 10% dividends for FY18

Mubasher: The Gulf Bank of Kuwait (GBK) announced that its ordinary general meeting (OGM) on Monday approved the board’s recommendation of distributing 10% of the share’s capital as cash dividends for fiscal year 2018. GBK will pay 10 fils per …

General Assembly

4 March 2019 01:09 PM GBK’s digitisation sees main help of Kodak Alaris business

Mubasher: The UK-headquartered Kodak Alaris business has played a leading role in the digital transformation journey of the Gulf Bank of Kuwait (GBK), according to a recent press release. GBK announced it has digitised 50 million documents by …

Companies Investments

4 February 2019 03:19 PM GBK profits rise to KWD 57m in FY18; board proposes 10% dividends

Mubasher: The Gulf Bank of Kuwait (GBK) registered an increase of 18.2% year-on-year in profits during fiscal year 2018. Earnings grew to KWD 56.74 million ($187.5 million) in FY18 from KWD 48.02 million ($158.7 million) in FY17, according to a …

Cash Dividends

3 February 2019 01:24 PM Alghanim Trading to buy further $880m stake in Kuwait's Gulf Bank

Mubasher: Alghanim Trading Company on Sunday announced its agreement to more than double its stake in Gulf Bank of Kuwait (GBK) to around KWD 266.860 million ($880 million) holding. The second-biggest shareholder in the Kuwaiti lender made …

Management Decisions

30 January 2019 11:55 AM Alghanim gets Kuwait C. bank nod to raise stake in GBK

Mubasher: The Gulf Bank of Kuwait (GBK) announced that the Central Bank of Kuwait (CBK) has approved a request for Alghanim Trading Group to raise its stake in the bank. The CBK approved increasing Alghanim’s stake in the Kuwaiti lender to …

Corporate Actions

23 January 2019 04:53 PM 4 Kuwaiti banks nab spots among world’s top valuable brands

Mubasher: Four Kuwaiti banks ranked among the top 500 valuable lenders in terms of market capitalisation in 2019, led by the National Bank of Kuwait (NBK), according to the Banker’s Brand Finance Global 500 2019 report. NBK’s global ranking fell …

Banking and Finance