Monday , September 24 2018

ABK posts 18 pct rise in H1 net profit

Profits KD19.1m; earnings per share 12 fils

Talal Behbehani and Michel Accad

KUWAIT CITY, July 28: Al Ahli Bank of Kuwait (ABK) today reported an 18 percent increase in net profit for the first half ending June 30, 2018. The upward trend in 2018 continued as ABK’s net profit for the period reached KD 19.1 million and operating income was KD 83.8 million, a 11 percent increase compared to KD 75.5 million for the same period in 2017.

Total assets reached KD 4.5 billion, up 4 percent from 2017, while total shareholders’ equity reached KD 569 million, a growth of 2% year-on-year. Customer deposits grew by 5 percent from the corresponding period to reach KD 3.1 billion. Asset quality remained strong with the non-performing loan (NPL) ratio at 1.80 percent and NPL coverage of 370 percent. Capital adequacy ratio was robust at 16.30 percent, well in excess of regulatory requirements and earnings per share was at 12 fils compared to 10 fils in 2017.

Commenting on the results, Talal Mohammed Reza Behbehani, Chairman of ABK said: “The bank has upheld its growth trajectory and maintained its focus on regionally expanding its corporate finance and investment banking operations, which have delivered excellent results this year. We are committed to executing our strategic priorities and are well equipped to deliver sustainable long-term shareholder value.”

Michel Accad, Group CEO of ABK said: “Our continued growth is testament to the balanced and healthy lending portfolio at ABK which is supported by state-of-the-art technology across our operations. In the face of fastgrowing competition we have a focused on being a customer centric, digitally enabled, and integrated organization. Our digitization efforts are gradually transforming the bank, generating benefits for our clients and ultimately creating long-term shareholder value. We are moving forward with our next three year Strategic Plan, which we believe will further enhance our customer’s banking experience.”

In line with ABK’s growth strategy, the Bank successfully expanded its presence in the UAE with a new branch in the DIFC. The first transaction out of the DIFC branch took place in the first month of operation, when ABK signed a landmark agreement with Dubai Aerospace Enterprise (DAE) for syndicated funding worth $500 million expandable to $800 million.

The four-year revolving loan facility, which has both conventional and Islamic tranches, has been arranged through a syndicated structure with ABK serving as the Coordinating Mandated Lead Arranger together with UAE-based First Abu Dhabi Bank (FAB) and Noor Bank as Mandated Lead Arranger. ABK recently launched its new ‘Global View’ service, the first-of-its-kind in Kuwait. The Global View platform provides ABK customers across UAE, Kuwait and Egypt a simpler and smarter way to view multiple accounts, on digital touch points such as online & mobile banking through a single login. ABK also continues to be recognized internationally and locally having received a number of awards in the second quarter of 2018.

For more information about ABK please visit eahli.com or contact an ABK customer service agent via ‘Ahlan Ahli’ at 1899899

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