KUWAIT: Al Ahli Bank of Kuwait (ABK) yesterday announced a net profit of KD20.44 million for the first half of 2015, demonstrating a 7.2% increase from KD 19.07 million over the same period in 2014. Operating income also saw a 4.6% jump from the same period last year with KD 62.64 million versus KD 59.89 million in 2014, while net loans and advancements to customers increased by 8.4% over December 2014. Total assets reached KD 3,707.78 million whilst total shareholders’ equity measured up to KD 555.83 million, marking a steady growth for the Bank.
Additionally, during the first half of 2015, ABK entered in to an agreement with Piraeus Bank SA. Greece to acquire 98.5% of their subsidiary Piraeus Bank Egypt (PBE). The Bank has obtained Central Bank of Kuwait approval and is in the process of finalizing the Egyptian regulatory authority approvals. Once these have been obtained PBE will be a part of ABK and rebranded as ABK Egypt across the entire 39 branch network by the end of 2015.
Michel Accad, ABK’s Chief Executive Officer, highlighted ABK’s solid performance for the first half of the year: “ABK is excited about the success achieved since 2014. Our commitment to excellence is underlined by our growth which is made possible by our strong experienced management team and a dedicated workforce. We will further improve our infrastructure, processes and systems in order to ensure constant delivery of quality, easy and friendly banking services to our customers as we continue to build on the figures achieved in the first half of 2015.” Commenting on the regional benefit of ABK’s impending acquisition of PBE.
Talal Mohamed Reza Behbehani, Chairman of ABK said: “We are eager to welcome PBE into the ABK family and look forward to the opportunities this will present. This milestone entry into Egypt will consolidate ABK’s position as a key player in the regional market while offering the chance to diversify our business profile and capital as we tap into a new market. We look forward to expanding the existing business relationship between our two countries with the launch of ABK Egypt.” ABK’s achievements as a leading financial institution have been honored numerous times across various categories, winning ‘Best Retail Bank’ by Banker ME, ‘Most Improved Retail Bank’ by Asian Banker, ‘Call Centre Manager of the Year’ and ‘Best Management Information’ at the Dubai Insight Awards, ‘Best Credit & Debit Card’ by Banker ME, as well as the ‘Award for Excellent Quality in STP’ by Commerzbank AG.ABK is rated by Moody’s as A2 and Fitch as A+.