Ahmed Yousuf Behbehani
ABK records 71 pct growth in profitability 9 months net profit at KD 41.5 mln; EPS jumps 50 percent to 30 fils

KUWAIT CITY, Oct 23: Al Ahli Bank of Kuwait (ABK) announced net profits of KD 41.5 million for the nine month period ended Sept 30, 2010, achieving a 71 percent growth over KD 24.3 million profit for the same period in the previous year. Earnings per share have increased by 50 percent from 20 Fils to 30 Fils.
Commenting on these financial results, Ahmed Yousuf Behbehani, the Chairman of the Board, stated that “This significant improvement in performance is a result of the prudent strategies and conservative approach adopted by the Bank to minimize its risks in the prevalent difficult market environment. The Bank also focused on improving its service capabilities and product offerings to meet customer expectations and create growth opportunities.”
Behbehani pointed out that, “During the year the Bank successfully completed its rights issue subscription increasing the shareholders’ equity by KD 100.9 million. This has further consolidated the strong capital position of the bank, increased its capacity to manage market risks and enhanced its ability for growth and expansion. The bank’s capital adequacy was in excess of 22 percent as of 30 September 2010 and the Bank was well placed to fully comply with the new Basel III Capital Adequacy Regulations.

As for the ratings of ABK, Behbehani referred to the latest report issued by Moody’s and Standard & Poor’s. The Bank maintains its credit rating of A2 for long term deposits, with stable outlook, while Standard & Poor’s upgraded the Bank’s outlook from negative to stable, underscoring the intrinsic strength of the Bank and its ability to remain profitable in these extreme conditions.
The Bank continues to invest in the development of human resources and attracts and employs national competent staff in all banking divisions and has established a training school (ABK Academy), for this purpose. ABK Academy provides high quality training courses to trainees, to help them improve their skills and work with better capabilities.

Behbehani stated that the Bank will continue to improve and consolidate its market position among the Kuwaiti banks. ABK has expanded its network of branches to 27, including 2 overseas branches in Dubai and Abu Dhabi, and plans for further expansion in the near future.
He expressed his optimism about the bank’s future and its ability to meet its 2010 objectives and provide greater value to its shareholders and customers in the coming years.
In conclusion, Ahmed Behbehani said “I take this opportunity on behalf of the Board of Directors to thank the Bank’s valued customers for their trust and confidence, the shareholders for their continued support and faith, the Bank’s executive management and the staff for their hard work and loyalty.”

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