KUWAIT CITY, Feb 9: Al Ahli Bank of Kuwait announced its operational profits of KD79.9 million and a net profit of KD 39.2 million for the financial year 2009 after taking provisions of KD38 million including precautionary provisions. This outstanding achievement is a landmark in the performance of Al Ahli Bank. However, due to the economic recession and the negative effects of the world financial crisis, the performance of the bank was affected compared to the results of 2008, in which the bank achieved KD46 million net profits, 40 Fils earning per share, 1.54 percent  return on assets and 14.58 percent  return on equity.

Commenting on the financial results of 2009, Mr Ahmed Yousuf Behbehani, Chairman of the Board, stated the following:
 “Despite the negative effects of the world financial crisis on Kuwait and GCC markets and the economic recession which affect the banking sector all over the world, Al Ahli Bank managed to perform admirably well reporting a net profits of KD39.2 million after taking provisions of KD 38 million including precautionary provisions.”
Mr Behbehani pointed out that this outstanding performance amid difficult market conditions and tough competition have proven the stability of ABK position and our ability to grow and achieve profits particularly in the core operating activities. These financial results are a natural outcome of the sound strategies applied by the bank and its focus on investment in the infrastructure, expansion in retail products and services, delivery channels and branches network. The diversification of sources of income, effective cost control and cut down of expenses contributed also to the achievement of these results”.

“ABK endeavors to provide first class banking services to its customers. It develops its banking services by using the state-of-the-art technologies available in the banking industry to satisfy and service its customers better. The bank equips its retail network branches with high-caliber cadres to provide quality service to the customers. The bank expands its local and regional retail network. The total number of ABK branches is currently 26 including 24 local and 2 overseas branches in Dubai and Abu-Dhabi (UAE)”, added the Chairman of ABK.
Mr Behbehani concluded his statement expressing his hope to see a quick recovery of the world economy from the financial crisis and return of stability and improvement in market conditions in Kuwait .
in the light of the recent governmental measures such as the establishment of the Money Market Authority and approval of the Five-Year Economic Plan.