AUBK reports strong set of results for Q3 – Bank logs KD 39.1mn net profit; EPS 27.6 fils
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KUWAIT CITY, Oct 31: Ahli United Bank K.S.C.P announced its results and financial statements for the period ending on Sept 30, 2015, following the endorsement of the statements by the bank’s Board of Directors and the approval of the Central Bank of Kuwait. The results showed continuous improvement .
On this occasion, the Chairman, Dr Anwar Al-Mudhaf, said “The net profit for the period ended September 2015 reached KD 39.1 million. Ahli United Bank’s profits are driven by its core business from Corporate, Retail and Private Banking and Treasury. The net operating income (after provisions) reached KD 65.8 million recording an increase of 3 percent, as compared with KD 63.9 million recorded during the period ended September 2014”.
Dr Al-Mudhaf went on to say that, “The financing portfolio components have grown, pushing up the total amount to reach KD 2,643 million, compared with KD 2,480 million achieved at the end of 2014 a growth of 6.6 percent, thereby driving the bank’s total assets to rise to KD 3,854 million, or 7.1 percent growth, as compared with their level as at the end of 2014 which was KD 3,597 million.”
Total deposits increased to KD 3,434 million, compared with KD 3,210 million as at the end of 2014, up by 7 percent. It is to be taken into consideration that the returns on customer investment accounts are deemed amongst the highest in the local market, whereby the six-month investment deposit return rate reached 1.35 percent p.a. and the annual investment saving accounts return rate reached 1.30 percent p.a., noting that Ahli United Bank K.S.C.P is distinguished by distributing profits quarterly to depositors according to the results of the bank’s operations during the reporting period.
The financial statements showed strong levels of liquidity and capitalization as the Capital Adequacy Ratio recorded 14.5 percent which is higher than the Central Bank of Kuwait mandatory level of 12.5 percent.
Ahli United Bank K.S.C.P reaffirmed its market leadership in providing highest values to its shareholders and reported robust equity performance indicators, hence shareholders’ equity continued to be strong. The Earnings Per Share (EPS) for the period ended September 2015 recorded 27.6 fils and Return on Average Assets posted 1.4 percent whilst Return on Average Equity achieved 15.5 percent for the period.
Dr Al-Mudhaf added; “Ahli United Bank’s result for the period reinforces the established position of the bank in the Kuwait economy. This encourages us to look forward and continuing to be a leading local financial institution and supporting the development and growth of the economy in Kuwait and in GCC.
As a pioneer in Islamic Banking in this market, the bank is driven by product innovation, technology and integrated solutions and services and, above all, achieving customer satisfaction. At the same time, we confirm our commitment to these continued efforts to generate sound returns to our shareholders and depositors and providing the best products and services for our customers”.
Dr Al-Mudhaf concluded by saying, “We extend our thanks and appreciation to Central Bank of Kuwait, the Capital Markets Authority and to our loyal and valued customers. I would also like to thank the management and staff for their untiring efforts to ensure the continued success of the bank in a challenging and competitive market”.
The international magazine “The Banker”, awarded “Best Private Banking Services” in Kuwait award for the year 2014 to Ahli United Bank K.S.C.P and also awarded the bank for the third consecutive year the award of “The Best Islamic Bank in Kuwait 2015”.
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