AUB Kuwait achieved a net profit of KD 26.5 mil­lion for first half of 2017

Kuwait Times - - BUSINESS -

KUWAIT: Ahli United Bank an­nounced its re­sults and fi­nan­cial state­ments for the first half end­ing on 30 June 2017, fol­low­ing the en­dorse­ment of the state­ments by the Bank's Board of Di­rec­tors and the ap­proval of the Cen­tral Bank of Kuwait. The Bank's net op­er­at­ing profit grew by 5 per­cent amount­ing to KD 39 mil­lion dur­ing the first half, up from KD 37 mil­lion recorded in the first six months of 2016.

The Bank recorded a net profit af­ter tax of KD 26.5 mil­lion for the first half of 2017, an in­crease of 3.3 per­cent over the KD 25.6 mil­lion recorded for the same pe­riod last year. This profit is achieved fol­low­ing a con­ser­va­tive ap­proach to pro­vi­sion­ing and credit poli­cies to mit­i­gate the risks at­tached with the on­go­ing mar­ket vo­latil­ity and geopo­lit­i­cal in­sta­bil­ity in the re­gion.

Chair­man, Dr An­war Al-Mud­haf, re­marked that "The con­ti­nu­ity of growth in AUB's prof­its for the first half of 2017 is fur­ther ev­i­dence and con­fir­ma­tion of the strength and sound­ness of the Bank's fi­nan­cial po­si­tion, its pru­dent op­er­a­tional vi­sion and suc­cess­ful strat­egy. With our wide client base, branch net­work, the unique ser­vices we of­fer and the ex­per­tise of our staff, we will con­tinue our suc­cess in at­tain­ing an in­creas­ing share of the domestic mar­ket through the pro­mo­tion of Is­lamic Bank­ing".

"The Bank has achieved a re­turn on eq­uity (ROE) of 13.6 per­cent and a re­turn on as­sets (ROA) of 1.4 per­cent as at the end of June 2017, be­ing amongst the high­est prof­itabil­ity of banks an­nounc­ing their re­sults in the lo­cal mar­ket for the same pe­riod. The higher re­turns con­trib­uted in gen­er­at­ing earn­ings per share (EPS) of 14.7 fils. The Bank's to­tal as­sets grew to reach KD 3.8 bil­lion at the end of June 2017 up from KD 3.7 bil­lion recorded at the end of last year. To­tal de­posits reached KD 3.3 bil­lion. The Bank has re­ported a sound cap­i­tal ad­e­quacy ra­tio (CAR) of 17.4 per­cent be­ing higher than the min­i­mum reg­u­la­tory re­quired level of 13.5 per­cent."

The Chair­man at­trib­uted these pos­i­tive re­sults for the pe­riod to the ef­forts of the Bank's man­age­ment and staff who have pro­vided dis­tinc­tive ser­vices and in­te­grated so­lu­tions for cus­tomers, main­tain­ing cus­tomer con­fi­dence and en­hanc­ing the pres­ence of the Bank in Cor­po­rate Bank­ing, Retail Bank­ing, Pri­vate Bank­ing & Wealth Man­age­ment, and Trea­sury. The Chair­man stressed that the man­age­ment's suc­cess has placed the Bank among the best and safest Is­lamic Banks, not only lo­cally but also re­gion­ally.

The Bank has con­tin­ued to re­ceive high credit rat­ings from in­ter­na­tional credit rat­ing agen­cies, such as Fitch, Moody's and Cap­i­tal In­tel­li­gence. The Bank main­tained a credit rat­ing of "A+" on the long term and "F1" on the short term with sta­ble out­look by Fitch Rat­ings Agency, and "A2" on the lo­cal cur­rency with sta­ble out­look by Moody's. Cap­i­tal In­tel­li­gence af­firmed the Bank's long term credit rat­ing of for­eign cur­rency to "A+" and en­hanced the short term for­eign cur­rency rat­ing to "A2". All these rat­ings con­firm the credit stand­ing, cap­i­tal qual­ity, and sta­bil­ity of the Bank for fu­ture growth. Dur­ing the first of half of 2017 the Bank ob­tained the award for "Best Bank for Pri­vate Bank­ing in Kuwait" from the pres­ti­gious in­ter­na­tional mag­a­zine, The Banker. In ad­di­tion, the Bank ob­tained sev­eral awards dur­ing past year in­clud­ing the "Best Is­lamic Bank Award in Kuwait" for the fourth con­sec­u­tive year, also from, The Banker, and the "Sec­ond Safest Is­lamic Bank in Kuwait and Fourth in the GCC" awarded by the Global Fi­nance mag­a­zine.

Fur­ther­more, the Chair­man ex­pects fur­ther progress in the Bank's per­for­mance with growth dur­ing the forth­com­ing pe­riod, notwith­stand­ing the in­creased com­pe­ti­tion in the mar­ket. The Bank is com­mit­ted to the con­tin­u­ous im­prove­ment in bank­ing ser­vices, in­clud­ing the in­no­va­tion of its ser­vices, prod­ucts and fi­nan­cial so­lu­tions.

In con­clud­ing his state­ment, Dr Al-Mud­haf ex­tended his thanks and ap­pre­ci­a­tion to the Cen­tral Bank of Kuwait for valu­able guid­ance, to the Bank's Board of Di­rec­tors, to cus­tomers, to share­hold­ers, and to man­age­ment and staff for the con­fi­dence and sup­port they have con­ferred upon the Bank. This has en­abled the Bank to re­al­ize these con­tin­ued achieve­ments and main­tain its pre­em­i­nent po­si­tion in the Kuwaiti bank­ing sec­tor.

Chair­man Dr An­war Al-Mud­haf

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