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 release on Monday.

Return on assets (ROA) improved to 0.81% in Q1-19 from 0.77% in Q1-18.

GBK’s return on equity (ROE) rose to 7.7% in Q1-19 from 7.4% in Q1-18.

Total assets increased by 2.3% to KWD 5.8 billion in Q1-19 when compared to the same quarter a year ago.

Loans to customers went up 1.8% to total KWD 3.9 billion in Q1-19.

The bank’s customers deposits grew by 1.1% to KWD 3.6 billion in Q1-19, while shareholders’ equity rights increased by 4.8% to KWD 614 million.