Ahli United Bank Reports Net Profits of KD 42.5 million up by 16.8% and Higher EPS by 20.8% in 2023

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KUWAIT CITY, Feb 1: Ahli United Bank K.S.C.P. (AUBK) announced its results for the financial year ended on 31 December 2023. The Bank has recorded a net profit for 2023 amounting to KD 42.5 million, which is higher by 16.8% than KD 36.4 million of 2022.

Mr. Jamal Al-kazemi, AUB Vice Chairman and Mrs. Jehad Saud Al-Humaidhi, member of the Board of Directors and CEO of AUB

The Bank’s total assets has recorded KD 4.50 billion at the end of December 2023. The net financing receivables portfolio recorded at KD 3.19 billion as of December 2023 and customer deposits recorded at KD 3.16 billion . The shareholders’ equity has reached KD 0.50 billion at the end of 2023 representing a growth of 2.0%, while Earnings per Share (EPS) recorded 15.7 fils for the year 2023.

Commenting on the bank’s financial results, Mr. Jamal Al-kazemi, AUB Vice Chairman said: “Throughout 2023, Ahli United Bank has successfully sustained profitability. The financial indicators achieved by the bank affirm its financial resilience and the ability to maintain a strong level of profitability. This derived from a prudent strategy and a conservative risk appetite. In addition to the balanced performance, the Bank has retained its capacity for growth”.

Al-kazemi added “AUB is undergoing an exceptional phase in its evolutionary journey, marking a pivotal moment in its successful trajectory, as it is on the verge of completing the merger by amalgamation with Kuwait Finance House K.S.C.P. Al-kazemi emphasized that AUB has achieved success throughout its long journey since its inception in 1941 as the first bank to operate in Kuwait. It laid the foundation for the Kuwaiti banking industry and held a prominent position in the Kuwaiti-banking sector. Throughout this great journey, the bank actively and positively contributed to and supported the national economy’s development goals”.

Al-kazemi extended sincere thanks and appreciation to the members of the Board of Directors, the Executive Management, and all AUB employees for their dedication and genuine efforts that have shaped the success and excellence of the bank, ensuring its continuity.

He also expressed profound gratitude to the Bank’s shareholders for their support and backing, acknowledging the bank valued customers for their unwavering loyalty, trust, and engagement with the bank’s services and products, tailored to the evolving aspects of life.

Additionally, Al-kazemi conveyed sincere thanks and appreciation to the honorable members of the Sharia Supervisory Board at the bank for their significant efforts in ensuring the provision of Sharia compliant services and products.

Furthermore, he expressed deep thanks and gratitude to various regulatory and supervisory authorities in the State of Kuwait for their role in supporting the banking sector, conveying special appreciation to all officials at the Central Bank of Kuwait, led by the Governor of the Central Bank of Kuwait, H.E. Mr. Basel Al-Haroon.

In conclusion, Al-kazemi asked Allah Almighty to guide them to success and prosperity, and to preserve Kuwait under the leadership of His Highness the Amir of Kuwait Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, may Allah safeguard him.

Meanwhile, in her comment on the bank’s financial performance, Mrs. Jehad Saud Al-Humaidhi, member of the Board of Directors and CEO of AUB, expressed her pride in the bank long journey spanning since its inception in 1941 as the first bank to operate in Kuwait, until it became a model for excellent banking business. She lauded the unique position that AUB has attained whereby it managed to maintain its distinguished performance, prove its ability to withstand shocks, adapt to changing circumstances, and continue to lead in providing top-notch services and products that align with the latest developments in the banking market.

“We look forward to the bank’s continued success, particularly under its merger by amalgamation with Kuwait Finance House, one of the largest and most reputable Islamic financial institutions globally”, Al- Humaidhi added.

“The bank has sustained a track record of achieving robust profitability, striking a balance between financial management and prudent risk management which reinforced our confidence in our business model and our ability to achieve the bank’s strategic objectives.” Al-Humaidhi emphasized

Al-Humaidhi underscored that AUB has launched numerous digital transformation initiatives as part of a strategic vision to enhance the bank’s customer digital experience, meet all their needs, achieve more than their aspirations, and provide them with innovative banking solutions and services.

Al-Humaidhi highlighted that AUB takes pride in its support for human resources through an attractive work environment capable of fostering business development. She also underlined that the bank is swiftly advancing towards achieving comprehensive sustainability.

Al-Humaidhi further accentuated that AUB, being the first bank to run its operations in Kuwait since more than 80 years, has been able to play a prominent role in community engagement. Throughout these long years, the bank has demonstrated its ability to set a benchmark in corporate social responsibility and sustainable development, offering a pioneering and outstanding experience in this field, reflected in its consistent achievements across various domains.

Al-Humaidhi emphasized that AUB has consistently prioritized improving customer experience throughout its years of operation, striving to align with customer expectations. In this context, the bank recently introduced several innovative services, including the expansion of banking services through AUB mobile App.

In conclusion, Al-Humaidhi extended sincere thanks to the members of the Board of Directors of Ahli United Bank. She also extended sincere thanks and appreciation to the Bank’s shareholders and customers, and expressed her gratitude to the Bank’s Executive Management and all its employees for their outstanding efforts and dedication. Furthermore, she conveyed heartfelt thanks to the Central Bank of Kuwait and all regulatory and supervisory authorities for their role in supporting AUB throughout its years of operation.

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