AUB reports KD 11.9 million net profits for 1Q

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Total Assets stand at KD 4.7 billion of 31 December 2022

KUWAIT CITY, April 27: Ahli United Bank (AUB) announced its results for the first three months of this year ended March 31, 2023, achieving a net profit of KD 11.9 Million compared to KD 11.7 Million of net profits recorded for the same period last year, with an increase of 1.7%. The Bank recorded total operating income of KD 22.8 Million in 1Q2023.

Jehad Al-Humaidhi, Chief Executive Officer and Board Member of AUB and Chairman of Ahli United Bank, Dr. Anwar Ali Al-Mudhaf.

Total Assets stood at KD 4.7 Billion at the end of March 2023 (KD 4.7 Billion as of 31 December 2022). In addition, AUB maintained solid capital adequacy ratio of 18.24% as of March 31, 2023, which is comfortably higher than the CBK’s current minimum required ratio, which enhances the opportunities for future expansions in credit facilities and operations.

As of March 31, 2023, the Bank’s return on average equity (ROAE) recorded 9.8% and return on average assets (ROAA) recorded 1%. Earnings per share recorded 5.3 fils per share in 1Q2023 (5.2 fils in 1Q2022).

Commenting on the financial results for the first quarter of 2023, the Chairman of Ahli United Bank, Dr. Anwar Ali Al-Mudhaf, said: “The first quarter of 2023 witnessed many challenges as the economy operates under high inflation rates, with increasing risks of recession in 2023 and potential credit contraction resulting from the recent banking crisis of Silicon Valley and Credit Suisse. Despite this unfavorable operating environment, AUB cautiously continues its efforts to the sustainable growth.

In this context, the financial indicators achieved by the bank underscore the efficiency and flexibility of the policies and executive procedures which helped the bank to develop operations, overcome challenges, address strong competition in the Kuwaiti banking market and utilize the available opportunities. It also reflects the strength and stability of the Kuwaiti banking sector and the strength of the Kuwaiti economy in general.

Dr. Al-Mudhaf emphasized that AUB managed to end the first quarter of the fiscal year 2023 with good results. This is attributed to the bank’s resilient business strategy, the solid financial footing and the prudent strategy on which the bank is relying.

Dr. Al-Mudhaf pointed out that the bank is committed to continue progressing through taking serious steps in its journey towards sustainability. This includes maintaining a robust financial position and continuing to merge ESG considerations into its business strategy, in line with UN SDGs (Sustainable Development Goals). This is achieved by applying solid governance reforms and rules. The bank has also continued its efforts to support various society segments in these circumstances through its ambitious CSR program.

Dr. Al-Mudhaf stressed as well that AUB is committed to reinforce a risk strategy linked to the bank’s overall strategy. This strategy is regulated by a set of policies and regulations that ensure the bank’s workflow in accordance with the approved risk appetite, with an emphasis on the independence of both internal and external audit functions.

Dr. Al-Mudhaf expressed his gratitude to the bank’s shareholders for their continuous support to the bank. He also thanked the bank’s valued customers for their persistent loyalty, trust, and interaction with more apt services provided by the bank in response to the changes of life, especially digital banking services with their ability and resilience in meeting their needs and aspirations.

Additionally, Dr. Al-Mudhaf expressed his thanks and appreciation to the Bank’s Executive Management and all employees for their dedication and hard work, underlining that AUB has a great pride in its human wealth, which it considers the key pillar of the Bank’s continued success and progress.

Dr. Al-Mudhaf also conveyed gratitude and appreciation to all members of the Central Bank of Kuwait, led by the Governor Mr. Basel Ahmad Al-Haroun. He also extended sincere thanks to the Capital Markets Authority, the Ministry of Commerce and Industry, and Boursa Kuwait for their positive role in supporting Ahli United Bank.

Commenting on the bank’s financial performance in the first quarter, Mrs. Jehad Al-Humaidhi, Chief Executive Officer and Board Member of Ahli United Bank said, “We ended the first quarter of 2023, achieving good financial results. She emphasized that the resilience of the bank’s business model and its ability to weather various circumstances, as well as its unique position among customers and shareholders, thanks to its long-standing history and outstanding ability to persevere and overcome obstacles, have played the biggest role in achieving sustainable growth for the bank.”

“Ahli United Bank continues its efforts to provide several cutting-edge banking services to support its customers and meet their aspirations as a priority. It also provides the best banking service that cope with customer expectations to be always their bank of choice. Further, it maintains its unique position at the forefront of local banks by providing financial and financing solutions at competitive profit rates”, Al-Humaidhi added.

Al-Humaidhi stressed that AUB has made a tangible progress in its holistic digital development plan aimed at automating the bank’s products, services and operations. This plan relies on the bank’s infrastructure and its creative and well-informed technical expertise. The bank keeps on developing its business through a high-quality technological environment, with a focus on coping with the rapid and growing development in digital revolution.

Al-Humaidhi pointed that AUB pursues endeavors to attract the best banking competencies and provides all means of support for its human resources through an attractive work environment capable of developing business.

Al-Humaidhi underlined that AUB continues efforts to maintain the highest levels of corporate and risk governance, while maintaining a robust capital base and delivering sustainable returns to shareholders. The bank successfully implemented Safety and Environmental Management System (SEMS) which enables the identification of projects that may have adverse impacts on society and the environment, or that violate the environmental performance criteria of the IFC and World Bank, as well as national environmental laws.

At conclusion, Al-Humaidhi conveyed her sincere appreciations to the Central Bank of Kuwait and other regulatory authorities for their efforts to support the banking system. Further, Al-Humaidhi thanked the bank’s Board of Directors, shareholders and customers. She also expressed honest thanks to the Executive Management team and all bank’s employees for their dedication and tireless efforts in serving the bank’s customers in a manner befitting the unique position of Ahli United Bank.

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