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ABK Reports Operating Profit of KD 22.1 Million in First Quarter

May 15th 2016

Al Ahli Bank of Kuwait (ABK) today announced an operating profit of KD 22.1 million for the first quarter of 2016, after a one-off investment loss of KD2.3 million on investments disposal, compared to KD 21.8 million for the corresponding period in 2015. Net profit stood at KD 7.8 million against KD 9.1 million in 2015. Total assets reached KD 4.5 billion, up 26.3% compared to March 2015, while total shareholders’ equity reached KD 547.4 million. Earnings per Share (EPS) is at 5 fils for the first quarter of 2016, compared to 6 fils for the same period in 2015.

Commenting on the first quarter results, Chairman of Al Ahli Bank of Kuwait, Mr. Talal Behbehani said: “These are solid results which reaffirm the Bank’s stable and strong position. Our objective for 2016 is to continue the encouraging trend of 2015, maintaining our financial discipline and ensuring maximum efficiency on all levels of operations. Our strategic approach will continue to be steady and cautious, and we look forward to a productive year ahead”.

Mr. Michel Accad, Chief Executive Officer, said: “We are continuing to see the positive outcome of the series of enhancements and developments which we rolled out during 2015. From the launch of the ‘One Tap Touch ID’ technology to the installment of new ATM machines for individuals with special needs, our ‘Simpler Banking’ strategy continues to lead the way and make a difference in the lives of ABK’s customers, and this is only the beginning. In light of ABK’s expansion into Egypt, we are also very proud to announce that ABK has won the ‘Africa Regional Award for the Deal of the Year’ for the acquisition of Piraeus Bank Egypt from the Banker, a Financial Times affiliate. We will be implementing the rebranding of Piraeus Bank to ABK within the first half of 2016 which is an additional step towards solidifying ABK’s position as one of the region’s fastest growing banks.”

ABK has started the year with acknowledgement from a number of prestigious organizations. ABK’s diligence and outstanding performance was recently recognized when it was awarded the ‘Best Retail Bank in Kuwait’ Award by The Asian Banker, one of the most prestigious awards programs in the industry of financial services and one of Asia’s leading consultancies in financial services research, benchmarking and intelligence. The Award is testimony to ABK’s unwavering efforts to present a Simpler Banking model that serves the core needs of its customers, while ensuring added security, convenience and speed. The Bank also won ‘Best Bank’ by Arabian Business Magazine and Commerzbank awarded ABK a recognition award for operational excellence in Straight Through Processing (STP).

For more information on Al Ahli Bank of Kuwait please contact ‘Ahlan Ahli’ at 1899899.