ABK reports 18% rise in net profit for Q1 2018

Bank delivered excellent performance in first quarter of this year: Behbehani

 

Talal Mohammed Reza Behbehani

KUWAIT: Al-Ahli Bank of Kuwait (ABK) yesterday announced its financial results for the first quarter ended 31 March, 2018. Net profit was KD 10.0 million, a healthy 18 percent increase over the same quarter last year. Earnings per share stood at 6 fils, compared to 5 fils in the same quarter in 2017. Operating income grew by 4 percent to KD 39.8 million in 2017. Total Assets as of end of March 2018 reached KD 4.47 billion, up 3.6 percent compared to end of March 2017, while total Shareholders’ Equity increased by KD 12 million to reach KD 561 million, a growth of 2.2 percent year-on-year. Asset quality remained strong with the NPL ratio at 1.89 percent and an NPL coverage of 372 percent. Capital adequacy ratio was robust at 16.84 percent

Speaking on the results, Talal Mohammed Reza Behbehani, Chairman of ABK said, “The Bank has delivered an excellent performance in the first quarter of this year, as we continued to advance on all key parameters. The results are a validation of our growth strategy and have put us in a good position to carry favorable momentum into the rest of the year. We are focused on maintaining strong returns for our shareholders through prudent financial management. As a homegrown bank, we operate in a culture of transparency and excellence to ensure long-term sustainability and value for our customers. We are optimistic about our opportunities across all markets we are active in and look forward to continuing the good year ahead.”

A strong start
Michel Accad, Group Chief Executive Officer at ABK stated, “ABK has achieved a strong start to 2018 by remaining true to our strengths; focusing on our core operations, putting our customers first, fostering a culture of transparency, focusing on prudent and profitable lending and providing world-class standards of corporate governance and risk management practices. As such, we have logged strong growth across all markets in which we operate. We have invested heavily in technology over the past 18 months with the implementation of our new core banking system, and going forward, we will continue to evolve our digital banking proposition and reinforce digitization as a strategic pillar for continued growth. We will also continue investing in the training and development of our employees while we strengthen our nationalization initiatives and succession planning.”

Recently, ABK introduced cardless cash withdrawals, a service that enables customers to withdraw cash from ABK Branch ATMs using the Mobile App or Online Banking without the need of a debit card. The Bank’s salary offering has also been enhanced greatly to better serve the needs of key sectors, particularly Kuwait.
ABK continues to be recognized internationally and locally and received a number of awards including: “Best Treasury & Cash Management” from Global Finance, “Fastest Growing Bank” from Banker ME for Egypt, “Best Bank” from Arabian Business, “Best Commercial Bank” from Banker ME, “Best Retail Bank” from IFM, “Best Employer” from Naseba, as well as being recognized by Global Finance as one of the “Top 10 Safest Banks in the region and 29th in Emerging Markets”.


This article was published on 30/04/2018