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ABK posts KD 19.1 mn net profit in first half of 2014 Operational revenues rise to KD 59.9 million

KUWAIT CITY, July 20: Ahmed Yousuf Behbehani, the Chairman of the Board of Al Ahli Bank of Kuwait announced that ABK achieved a net profit of KD 19.1 million for the half year ended June 30, 2014, compared to KD 17.2 million in the corresponding period in 2013, representing an 11% increase. Earnings per share (EPS) at 12fils, and return on equity (ROE) at 7.11% were ahead of the prior period performance of 11 fils, and 6.69% respectively. The operational revenues amounted to KD 59.9 million compared to KD 57.8 million in the corresponding period of 2013. The NPL ratio had reduced to 2.18% compared to 2.68% in the corresponding period in 2013.

The Capital Adequacy Ratio (CAR) was 23.16%. Commenting on the financial results of the first half of2014, Ahmed Yousuf Behbehani, the Chairman of the Board, stated the following: “ABK managed to maintain its good performance and ability to achieve profits in spite of the stressful economic conditions. The11% growth in net profits during this period is an outstanding performance in the light of the difficult political and economic conditions witnessed in the region. ABK also witnessed robust growth with total assets growing by 19% to KD 3.8 billion from the beginning of the year. Customer deposits also grew by 19% to KD 2.3 billion during this year. Behbehani stressed that ABK has strong capital base and the Capital Adequacy Ratio of around 23.16% in line with the newly introduced Basel 3 regulations.

This has enhanced the Bank’s position and its ability to grow and provide necessary finance to the local and international companies inside Kuwait in addition to retail and corporate finance for the individuals and companies operating in the United Arab Emirates. The Bank’s ability to maintain its credit ratings issued by international credit classification agencies such as Moody’s Investors Services, with stable outlook, enhances the confidence in the strong capital position of the Bank and its ability to mitigate risks and achieve profits. Further, the bank is in the process of upgrading its IT infrastructure to the latest technology to provide better services to its customers. The Chairman also pointed out that the Bank continuously reviews and adjusts its strategy to cope with the developments of the financial markets.

We are committed to improve the operational efficiency, provide high quality banking services to our customers and to employ high caliber banking staff who are well trained to provide best services to ABK customers. As for his expectations about the economic prospects during 2014, Mr. Behbehani stated the following: “The economic conditions are not expected to be improving amid the political turmoil witnessed in the region. However, once the political and economic conditions improve, we will benefit from the economic opportunities by financing the state projects and increase our market share, whilst focusing on expanding the business of our foreign branches in Dubai and Abu-Dhabi. We will also focus on expanding our branches in the various areas of Kuwait to better serve our customers.

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