28 April 2021
Al Ahli Bank of Kuwait (ABK) announced a Net Profit of KD7.1 Million for the first quarter of 2021, an increase of 18 percent compared to the same period last year. ABK’s balance sheet remains healthy with strong capital and liquidity reserves. Capital Adequacy Ratio was 17.78 percent, while Total Equity stood at KD 594 Million. The Non-Performing Loans (NPL) ratio was 2.2 percent with a coverage ratio of 275 percent.
Commenting on these results, Mr. Georges Richani, Group CEO of ABK, stated: “Despite the economic downturn due to the repercussions of the Coronavirus Pandemic (COVID-19), we are starting to see some signs of restoring confidence in the retail and corporate business sectors. ABK has achieved good results in the first quarter, making use of a prudent business model and sound management of the COVID-19 crisis. Throughout the first quarter, we continued to effectively manage our expenses and non-performing loans.”
"ABK continues to simplify its banking services, which is the core of our strategy and operational ethics. With the increasing number of retail and corporate customers using digital banking services, digital improvements to our banking products will remain one of the Bank's top priorities.” added Mr. Richani.
ABK maintained strong investment grade ratings of A+ from Fitch and A2 from Moody’s. The ratings capture ABK’s robust capital structure and strong fundamentals, including its capital position, resilient earnings capacity, stable funding and liquidity sources.
ABK continues to support the banking sector by raising the efficiency of its employees and developing its technological infrastructure, as well as enabling customers to use modern technological tools.
Most recently, the Bank supported Kuwait’s nationwide joint initiative, led by the Central Bank of Kuwait (CBK) and Kuwait Banking Association (KBA), through its participation in the ‘Let’s Be Aware’ campaign. ABK will continue to provide valuable information, driving a deepening of financial literacy amongst its clients and the greater public, enabling them to make informed financial decisions.
For more information kindly visit eahli.com or contact an ABK customer service agent via ‘Ahlan Ahli’ at 1899899.