Ahli United Bank H1 net profit at KD 12.7 mln Positive results reflect strong financial position: Al-Marzouq

KUWAIT CITY, July 20: Ahli United Bank realized considerable profit levels in the first half of 2010. The net profit has reached KD 12.7 million. This profit was realized through income from core banking operations, that amounting to KD 40.0 millions.

The bank succeeded to increase the net finance revenues by 10.9 percent, furthermore the bank has taken precautionary measures to create provisions and voluntary provisions of KD 14.7 million. The earning per share has reached 13.2 fils per share; and this fact reflects the bank’s potent financial position and its ability to continue in realizing operational profits coming from the core banking activity.
The Chairman and Managing Director, Hamad Abdul Mohsin Al Marzouq, commented on the positive results realized by the bank as follows “these considerable results coming through stepped up prudent policy and the determination to follow the best methods and governance principles within the integral system used by Ahli United Bank in all local and regional markets that enabled the Bank to withstand the global financial crisis that devastated the market and directly impacted both finance and credit.
However the profits of the Bank have proved its ability to overcome such crisis due to its strong management vision which is capable of defying the difficulties and confront risks to accomplish the conversion to an Islamic Shariah compliant Bank that successfully completed”.
Al Marzouq added that Ahli United Bank after its conversion to an Islamic Shariah compliant Bank presently works with all its capabilities, and offers variety of new Islamic Banking Services where to all attention paid to maintain the merits of customers accounts while optimizing the client service level; furthermore the Bank endeavors to conduct all its activities and services provided to clients in a way that ensures best realization of their returns.

Those services have been successful in creating great demand and appreciation by clients who were having considerable yield and instant approval to convert all of their accounts to Islamic Shariah compliant accounts.
Al Marzouq said that the returns realized on the investment deposits have surpassed the similar deposits returns in the market as the rate of return on investment accounts in KWD for three months has reached 2.11 percent and also the investment saving accounts in KWD have reached 2.04 percent.
These facts prove the confidence of clients in the Bank as their safe haven. The Bank always endeavors to provide the best banking services that meet all requirements of our clients who are always at the focus of attention of the management at all levels.

With regard to the financial statements during the current year and the profit forecasts, Al Marzouq said “the Bank will realize more achievements during the present year in case the situation remained as it is, particularly with the onset of economical boom and recovery signs. Based on the above, the Bank profits will witness considerable growth and remarkable improvement through realizing contribution in developing the Islamic banking market.
Ahli United Bank as one of the promising Islamic banks is fully geared to make marvelous surge in its operations through which the Bank will acquire considerable share in Kuwaiti market under integral banking group having distinct regional position and deriving its strength and high solvency from the old banking history dating back 69 years wherein the bank succeeded many times to be at the top of the list with respect to the international banking standards, as was reflected in its recent ranking in and it was recently ranked in the first position among local banks in the return on assets and the second position on the return on equity.


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