Kuwait City, Oct 19: Al Ahli Bank of Kuwait reported net profits of KD 39.9 million for the 9 months ended on Sept 30, 2011. Earnings per share amounted to 28 fils with return on assets of 1.79% and return on equity of 11.28%. Operating profits before provisions grew by 6% to KD 58.8 million compared to KD 55.3 million in the corresponding period.

“ABK succeeded in achieving positive financial results with stable and continuous growth in profits despite the difficult market conditions, the credit crisis in Euro Zone and the political turmoil in the Middle East region, which negatively affect the economies of the states in the GCC region. The Bank will continue to apply conservative policy in all its credit portfolio with tight control over cost and effective management of its balance sheet and risks,” said Ahmed Yousuf Behbehani, the Chairman of ABK.

“The Bank has a sound capital base and a strong capital adequacy ratio significantly above regulatory norms. This has enhanced the Bank’s ability to grow, expand its operations and face the current difficult conditions of the market. Furthermore, the Bank has managed to maintain its credit rating issued by the major international rating agencies which affirmed the intrinsic strength of the Bank and its ability to achieve profits”, added Behbehani.

Further, ABK Chairman pointed out that the Bank periodically reviews its core strategy and adapts it to meet the prevailing economic circumstances and focus on minimizing risks across the business areas, improving operational efficiency and enhancing value for our shareholders and customers. The Bank is committed to provide a world class banking experience for its customers and will continue to invest in its infrastructure and systems to secure its position and improve its competitiveness.
As for his expectations of the economic situations during 2011, Behbehani said:
“The economic conditions in the Middle East remained difficult because of the political turmoil in the area, the economic recession, market volatility and slow economic growth. However, we hope that the effective risk management and the tight control over credit portfolio will minimize the Bank’s risks and help maintain the strong financial position of the Bank.”
In conclusion, Ahmed Behbehani expressed his hope to see the region restoring its political stability which will positively affect the economic conditions.