Friday , December 15 2017

ABK reports Q1 net profit of KD 8.5 million – Operating profit rises 7.3% to KD 23.7 million

            Talal Mohammed Reza Behbehani                         Michel Accad, CEO, Al Ahli Bank of Kuwait

KUWAIT CITY, April 30: Highlighting its positive performance in the first quarter of 2017,  Al Ahli Bank of Kuwait today announced a net profit of KD 8.5 million for the first quarter ended March 31, 2017, representing a 10% growth as compared to KD 7.8 million in previous year. Operating profits also grew by 7.3% to KD 23.7 million compared to KD 22.1 million in the first quarter of 2016. Total assets and the loans portfolio remained stable at KD 4.3 billion and KD 3.05 billion levels. Shareholders’ equity stood at KD 549.5 million and Earnings Per Share at 5 fils. Capital adequacy ratio was robust at 17.06%.

Commenting on the results, Chairman of Al Ahli Bank of Kuwait, Mr. Talal Mohammed Reza Behbehani said: “We have made good progress since the beginning of this year and the positive results are an indication of our steady and confident management approach. The external environment may get more challenging however; we will continue to strengthen the position of the Bank among our peers, operate more efficiently across divisions and invest in our future. We are optimistic about this forthcoming year and we will be in a strong position to capture significant underlying opportunities as they arise.”

Michel Accad, Chief Executive Officer, said: “We have made a very solid start to the year and marked two major milestones for ABK during the first quarter. The first is the launch of our core banking system where we have developed a powerful infrastructure framework and entirely transformed our existing IT infrastructure and operating systems.

This has already been successfully deployed across our UAE operations and Kuwait is scheduled for completion later this year. The second is the successful debut issue from our recently established $1.5 billion Euro Medium-Term Note (EMTN) programme. Not only is it the first bond issue for the Bank but we are also the first Kuwaiti issuer to launch a bond following Kuwait’s recent successful debut sovereign bond. This ABK bond will serve as a benchmark for future Kuwaiti and GCC issuers.

“More importantly, by pursuing our Simpler Banking strategy, which remains at the heart of all we do, we will continue to capture strategic opportunities in our markets that will serve the Bank’s operational growth.”

ABK was recently awarded the ‘Best Retail Bank in Kuwait’ for 2017 from the Asian Banker, for the second consecutive year and ‘Best Retail Bank’ from The European, ‘a Thomson Reuters affiliate’. These awards underpin the Bank’s diligence and commitment to better serving the needs of its clients and delivering long-term sustainable value to all of its stakeholders.

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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