ABK sees growth by 19% in netprofit during 2022

2/7/2023 3:29:30 PM

iAl Ahli Bank of Kuwait (ABK) reported a net profit of KD 32.3 million in the financial year 2022.

The increase in the net profit compared to the same period in 2021 was 19%. Net operating profit rose by 10% to a total KD 90.1 million, and earnings per share were 14 fils, compared to 12 fils the previous year. Total assets grew by 14% to KD 6.4 billion, customer deposits by 13% to KD 4.4 billion, and the loan portfolio increased by 19% to reach KD 4.04 billion.

The Non-Performing Loan (NPL) ratio stood at 1.43% and NPL coverage was at 366%. The Capital Adequacy Ratio (CAR) reached 15.62% while the Shareholders’ Equity stood at KD 504 Million.

The Board of Directors has recommend the distribution of 8 fils per share as cash dividends to shareholders, in addition to distributing 5% bonus shares. These proposed distributions are subject to the approval of the ABK Annual General Meeting.

Commenting on the results, Talal Behbehani, Group Chairman of Al Ahli Bank of Kuwait, said, “The financial performance reflect the Group’s long-term plan, centered on customer-oriented products, investing in its employees, and boost the Bank’s share in the market while adhering to prudent risk management practices and enhancing the share of Al Ahli Bank of Kuwait in the local and regional markets.”

"In addition, the Group also maintained strong credit ratings, “A” Rating by Fitch Credit Rating Agency with a Stable Outlook, and “A2” Rating by Moody's with a Stable Outlook. Further, Al Ahli Bank of Kuwait was also awarded a ‘Category 1 Banking License’ by the Dubai Financial Services Authority (DFSA), a license upgrade, which allows ABK-DIFC to provide customers with a vast portfolio of wholesale banking services from the Dubai International Financial Centre (DIFC) Branch, including accepting deposits from corporates, financial institutions and high net worth individuals”.

Behbehani also expressed his appreciation for the executive team's foresight and planning and to all staff for their dedication in working diligently to apply the standards of sustainability, good governance and social responsibility contributing wholly to the healthy growth of the balance sheet, profitability and strong credit ratings.

George Richani, Group Chief Executive Officer of Al Ahli Bank of Kuwait, reiterated that: “At Al Ahli Bank of Kuwait, we were able to succeed in increasing operating profits by a noteworthy rate in Kuwait. This growth was driven by the full transformation strategy of all our business lines and operations.”