Gulf Bank: an increase of 7.81 % in the net profit returning to shareholders .. Youssef Taqi as Chairman of the Board of Directors

Gulf Bank, one of the leading Islamic banks in the Kingdom of Bahrain, announced the trading code (khaleeji) of its financial results for the period ending on March 31, 2025 AD, where the bank made clear profits due to shareholders of 3.243 million Bahraini dinars compared to 3.008 million Bahraini dinars in the first quarter of the year 2024 AD, an increase of 7.81 % compared to the same period last year. The arrow’s profitability for the period ending on March 31, 2025 AD decreased to 3.00 fils compared to 3.69 fils for the first quarter of last year, while the total income increased to 15.056 million Bahraini dinars compared to 12.902 million Bahraini dinars in the first quarter of the year 2024 AD, with an increase of 16.70 % compared to the same period last year.

The total comprehensive income returning to the shareholders of the parent company also increased to 3.466 million Bahraini dinars, compared to 2.925 million Bahraini dinars for the period ending March 31, 2024 AD, an increase of 18.50 %. This rise is mainly attributed to the bank’s registration in an increase in the revenues of the financing contracts and a decrease in financing expenses during the first quarter of the year 2025 AD. While the total assets for the same period decreased slightly by 2.91 %, to 1,452.65 million Bahraini dinars on March 31, 2025 AD, compared to 1,496.13 million Bahraini dinars for the period ending December 31, 2024 AD. Sukuk investments also decreased by 9.01% ؜ to reach 456.91 million Bahraini dinars compared to 502.14 million Bahraini dinars, as on December 31, 2024 AD, while financing contracts increased by 5.98% to 764.28 million BD, compared to 721.17 million Bahraini dinars, as on December 31, 2024.

The total property rights belonging to the shareholders of the parent company for the period ending March 31, 2025 m by 2.12 % decreased to 125.35 million Bahraini dinars, compared to 128.06 million Bahraini dinars, as on December 31, 2024 AD.

In a related context, the Gulf bank announced the appointment of Mr. Youssef Taqi as the new chairman of the Board of Directors to succeed Mr. Hisham Al -Rayes for his desire to focus on the GFH Financial Group. The decision to appoint him, Mr. Taqi, came after his nomination by the GFH Group and his extensive experience in the banking sector in the Kingdom of Bahrain, which is more than 35 years old,

During it, he held several leadership positions in a group of leading banking institutions in the Kingdom, and he holds a Bachelor’s degree in Accounting in 1990 from Houson University in the United States of America and a certified legal accountant certificate.

On this occasion, Mr. Hisham Al -Rayes, Chairman of the Board of Gulf Bank, welcomed the appointment of Mr. Youssef Taqi as the new chairman of the bank’s board of directors, praising his experience in the Islamic banking sector, and expressing his full confidence in his ability to lead the bank in the next stage to implement the new strategic growth goals, stressing at the same time that his experience, vision and strong relationships in the banking sector at the local and regional levels will be formed A major factor in advancing the growth and development wheel for the bank in the next stage.

He continued: “My decision came to step down from the chairmanship of the Board of Directors of the Gulf Bank with the aim of devotion to focus on the responsibilities and tasks assigned to me in the GFH Financial Group, and continue to work to pay its growth and achieve the aspirations of its shareholders. The five years that I spent in the chairmanship of the Board of the Gulf Bank were full of challenges and opportunities, during which the bank witnessed many important achievements, most notably the launch of the new trade identity of the bank in a public 2023, in addition to strengthening the foundations on which the bank has been established and the development of renewable visions and strategies that are in line with the rapid changes in the banking sector and the needs of customers, as we were keen during this period to focus on providing innovative and advanced banking solutions that are commensurate with the requirements of the digital age, and we contributed to the consolidation of the bank’s position as a leading financial institution capable of keeping pace with future developments. And the team on support and cooperation that had a great impact in achieving these successes, and I wish Mr. Youssef Taqi all the best in leading the bank towards more growth and prosperity.

Commenting on the financial results, Al -Rayes stated: “We are pleased to announce the achievement of these good financial results for Gulf Bank activities during the first quarter of this year 2025 AD, which reflects the bank’s continuous efforts to achieve its strategic goals and provide the best services to its valued customers. It also constitutes a promising start to achieve strong positive performance and results in the current year, which enhances confidence in our growth and reflects positively on the market value of the group’s shares.”

He continued: “The positive results achieved in the first quarter are a great incentive to continue walking at the same positive pace and moving forward with an upward trend to achieve more growth during the coming period of this year with a goal

Access to wider horizons from the achievements and successes to meet the aspirations of the shareholders and esteemed customers, and the active contribution to the comprehensive development process witnessed by the Kingdom of Bahrain in light of the prosperous era of His Majesty King Hamad bin Isa Al Khalifa, the King of the Great Country, may God protect and preserve him, and in consistency with the governmental efforts that are led by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, the Crown Prince, may God protect him, may God protect him To upgrade the banking sector. “

In turn, Mr. Youssef Taqi, Chairman of the Board of the Gulf of the New Bank, expressed great thanks and appreciation to the former Chairman of the Board, Hisham Al -Rayes, for the sincere efforts he made during the period of assuming the presidency of the Council, and for his confidence and continuous support. He also thanked the GFH Financial Group for the precious confidence, stressing his commitment to serious and fruitful work to achieve the bank’s vision and strategic goals, looking to build on the achievements achieved during the past years to continue the journey of growth and progress and enhance the bank’s position in the banking sector, and stressing its keenness to cooperate with the work team and the board of directors to contribute to the march of Gulf bank growth and prosperity.

He added: “I am pleased and honored by my choice to chair the Board of Directors of the Gulf Bank in this important stage of the bank’s march, and I look forward to building the achievements it has achieved and working with colleagues in the council and the executive management to develop innovative strategies that enhance the bank’s position in the sector and meet the aspirations of the valued customers, in order to achieve sustainable growth and enhance the bank’s value for its shareholders, and we are all confident that we will be able to achieve this through serious joint work.”

For his part, Mr. Sattam Al -Gosaibi, CEO of Gulf Bank, said: “We are pleased to welcome Mr. Youssef Taqi in his new role as Chairman of the Board of Directors of the Gulf Bank, due to his exceptional professional career in the Islamic banking sector, and we are fully confident that his leadership will be an important addition in supporting our ambitious strategies for growth and expansion, as the bank’s plans in the next stage are directed at a steady step towards digitization and adoption of services The latest banking technologies, which requires leadership capable of looking at the future and activating the culture of innovation at all levels.

Commenting on the financial results, Al -Gosaibi stated: “The financial results for the first quarter of the year 2025 AD showed the continued success of the bank’s strong financial model and its effective strategy by focusing on enhancing financial discipline, improving revenues and paying sustainable growth to enhance profitability, which was evident in achieving growth in net profits belonging to shareholders by 7.81 % ؜ to reach 3.243 million Bahraini dinars Compared to 3.008 million Bahraini dinars in the first quarter of the year 2024 AD.

He added: “These positive results achieved by the Gulf Bank achieved during the first quarter, the most prominent of which is the increase in net profit, in conjunction with the continuation of the launch of many initiatives, services and innovative banking products to enhance the experience of the customers of the honorable bank, and one of the most important of these initiatives is the inauguration of the new version of the abundant account, whose total prizes this year exceed 4 million US dollars, and also included a new category, which is” generations of abundant “that we have allocated For depositors from young and young under 21 years, and continuing to provide more special offers for real estate financing, the latest of which is the launch of the new Tshal+ program within the framework of the Ministry of Housing and Urban Planning and the Housing Bank to expand the financing options and housing solutions provided to citizens, where we were keen to provide unique exclusive financing offers, in the framework of our support and continuous efforts for all initiatives to provide housing solutions Family and innovative citizens.