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 bourse disclosure on Monday.

The increase in FY18 profits is attributed to a higher net interest of KWD 20.4 million, the bank added.

In the fourth quarter of FY18, GBK achieved a rise of 18.4% in profits to KWD 14.06 million compared to KWD 11.88 million in FY17.

The board members of the GBK recommended a 10% cash dividend of capital or 10 fils per share for fiscal year 2018.

Total credit loss provisions in GBK’s FY18 budget are estimated at KWD 312 million, capital market analyst Ahmad Jassim Al Qamr told Mubasher.

At the stock level, GBK closed Monday’s session 0.36% higher at 275 fils.