KUWAIT CITY, Oct 25: Following strong growth in the first half of 2017, Al Ahli Bank of Kuwait (ABK) today revealed an Operating Profit of KD 71.2 million compared to KD 65.6 million in 2016, an increase of 8.5 percent. Net profit was KD 22.1 million, up 11.6 percent compared to KD 19.8 million in the previous year. The Bank maintained a positive outlook in the first nine months of the year.
Total assets remained stable at KD 4.3 billion levels and asset quality remained strong with the NPL ratio at 2.28 percent. NPL coverage increased to 330 percent from 281 percent in December 2016. Capital adequacy ratio was robust at 16.76 percent and Earnings Per Share (EPS) stood at 14 fils, compared to 12 fils in 2016.
Commenting on these results, Talal Reza Behbehani, Chairman of ABK said, “In the third quarter, we have continued to record positive results with an increased Operating Profit of KD 71.2 million, which can be attributed to the successful implementation of our long-term strategy and pragmatic approach, indicating that the Bank is moving in the right direction. We are proud to have celebrated our 50th anniversary in May, and we look forward to further building on the great history of this Bank. We are keen to maintain our strategic approach, which has proven successful especially in the midst of the market challenges and strong competition in the Kuwait market.”
Michel Accad, Group Chief Executive Officer of ABK stated, “ABK continues to witness strong growth across the markets in which it operates, despite challenging economic conditions. We are constantly working on enhancing our systems, and we have successfully launched our Core Banking System in Kuwait this week, following the launch in the UAE earlier this year. The technological revamp is in line with ABK’s ‘simpler banking’ strategy, and will aim to offer convenience, security and speed to customers. ABK-Egypt has recorded excellent growth year-on-year, and we have recently opened another flagship branch. In addition to this we will be opening a third branch in Dubai International Financial Centre (DIFC) pending approvals from the Dubai Financial Services Authority (DFSA). We will continue to seek and address strategic opportunities that will work in our favour to further solidify our presence in the Kuwait market and the region as a whole.”
Global Finance recently released its Safest Banks survey and ABK ranked in the top 10 safest banks in the region and 29th in Emerging Markets. ABK was also awarded the ‘Best Retail Bank in Kuwait’ for 2017 by the Asian Banker, for the second consecutive year , ‘Best Retail Bank’ from The European, ‘Best Commercial Bank in Kuwait’ for the second consecutive year and ‘Best New Brand in Egypt’ by Banker Middle East, ‘Bank of the Year’ by Arabian Business Magazine, which highlighted the Bank’s many milestones and achievements over the past year and ‘Employer of the Year’ by NASEBA for the second consecutive year in recognition of the Bank’s substantial ‘Working Culture and achievements all round’.
For more information about ABK please visit eahli.com or contact an ABK customer service agent via ‘Ahlan Ahli’ at 1899899.