KUWAIT CITY, April 19: Al Ahli Bank of Kuwait announced its financial results for the first quarter ended on March 31, 2010. The net profit was KD 15.3 million, operating income grew by 13 percent to KD 27.5 million. The Earning per Share was 13 Fils, and the Shareholders’ Equity amounted to KD 330 million.
Commenting on the financial results of the first quarter — 2010, Ahmed Yousuf Behbehani, the Chairman of the Board, stated the following:
 “ABK has adopted a conservative approach towards earnings, and continues to take precautionary provisions to further enhance its financial position. In spite of the great challenges faced during 2009, the continuous negative effects of the world financial crisis and the fluctuations of the financial markets, ABK has produced positive results.
This again proves the sound and solid financial position of Al Ahli Bank in difficult economic and financial conditions and emphasizes the fact that our bank has better managed the effects of this crisis.”
“Our core strategy has been adapted and refined to meet the current and forecast economic conditions. However, we remain committed to providing first class banking services for our customers, depositors and business partners in the region, to minimize risks across all our business sectors, and to maximize value for our shareholders.
We have a stringent and robust risk management policy in line with the prudent and cautious regulatory policy of the Kuwait banking authorities.
Our efforts will focus on maximizing the operational efficiency in all our core business units. We have sufficient sources of liquidity and strong capital adequacy ratio according to the applicable international and regional standards.”, added Behbehani.
As for subscription in the capital increase of ABK at 25 percent which is open from 11 April through 28 April 2010, the Chairman of the bank pointed out the following:
“Al Ahli Bank of Kuwait has maintained a strong capital adequacy ratio of 17.23 percent as on Dec 31, 2009. Post rights issue, the capital position will be further enhanced and the bank has platform to benefit from organic and inorganic growth opportunities.
About the bank’s position during 2010 Behbehani commented as follows:
“We have succeeded in applying prudent policies and we have taken precautionary provisions to face any unexpected future circumstances.
Oureffective risk management and close monitoring of loan portfolios will mitigate our risks and help maintain the strong position of ABK. With our effective cost controls and reduction of expenditure, ABK will be able to achieve more profits. We will continue to support and finance our customers involved in carrying out large governmental projects in Kuwait or in UAE through our branches in Dubai and Abu-Dhabi.”
Behbehani concluded his statement by expressing his optimism and confidence in the recovery of the local and regional economies from the world financial crisis with the increase of oil prices and strong indications of the improvements in the world economy.