AUB reports net profit of KD 27.1m for 9 months of 2021
KUWAIT: Ahli United Bank K.S.C.P. (AUBK) announced its results for the nine months of current year. Accordingly, the Bank has recorded a net profit for the nine months of 2021 amounting to KD 27.1 million with an increase of 17.1 percent than the KD 23.1 million of net profits recorded for the same period last year.
The total assets have grown up to reach KD 4.48 billion at the end of the Q3 2021 higher by 3.9 percent over the assets recorded at the end of Sep 2020 with KD 4.31 billion. (total assets KD 4.37 billion at the end of December 2020)
The financing receivables and customer deposits portfolios have grown to reach KD 3.26 billion and KD 3.13 billion respectively at the end of Sep 2021 higher than KD 3.12 billion and KD 2.77 billion recorded respectively at the end of Q3 2020 representing a growth of 4.5 percent in financing receivables and 13 percent in customer deposits (financing receivables KD 3.11 billion and customers deposits KD 3.01 billion respectively at the end of December 2020).
Commenting on the results, Dr Anwar Al-Mudhaf, Chairman of Ahli United Bank said, “Despite the positive outlook posting returning of life and economic activities to normal, AUB is still maintaining precautionary measures including adequate provision to upkeep good levels of the Bank assets quality which proves the efficiency of the Bank’s prudent risk management plans, in line with the instructions of the Central Bank of Kuwait in this regard.
Dr Al-Mudhaf stressed that this outstanding financial performance reflects the success of the Bank’s endeavors to enhance customer experience by investing resources and efforts to continue improving our products and services, with a focus on developing new innovative solutions that boost customer confidence and satisfaction. Dr Al-Mudhaf said that the pandemic period has taught a lesson and doubled up the importance of the requirements for enhancing the resilience of the financial sector through optimal preparation for any unexpected crisis. It also highlighted the need to develop the business model of financial and banking institutions, as well as the importance of Corporate Governance and sustainability, which is an integral part of achieving more value for the Bank and the banking sector as a whole. Redesigning technology to add more support to customers and employees, digital transformation and fintech are no longer an option and luxury but rather they have become a safe haven for the continuity of banking business with the flexibility and resilience under various circumstances.
Dr Al-Mudhaf expressed his sincere thanks and appreciation to the bank’s shareholders and customers for their support and assistance to the Bank under these exceptional circumstances. He also extended sincere thanks to the Central Bank of Kuwait and all the regulatory, health and security authorities, Executive Management, and all the nank’s staff that enabled the bank to manage this crisis, and deal with its consequences.
Jehad Al-Humaidhi, AUB Chief Executive Officer said, “With the grace of God, the economic sectors in Kuwait have significantly returned to operate normally, and we are optimistic about our capabilities to be among the first institutions to capture the market, which will enable us to conclude the current year with positive financial results. In this regard, I would like to appreciate the great efforts made by the competent authorities in Kuwait to contain the impact of the crisis. I am also pleased to reiterate that the success achieved by AUB in managing the repercussions of COVID-19 pandemic, is attributable to the quality of the bank assets, the success of its efforts in digital transformation, and the strength of the Bank IT infrastructure, that have helped us meet the aspirations of different customer segments, which once again underline the ability of this great
banking institution to face challenges and operate successfully in various circumstances.
These efforts were crowned by the many awards the Bank received during this period, including The Bank was also awarded “Best Bank in Private Banking, Kuwait 2021” by International Business Magazine. AUB was conferred this Award in recognition of its success in creating an effective model that has been achieved on the ground for its services provided to clients of Private Banking and Wealth Management, and the “Best Banking CIO of the Year Kuwait 2021” award by Global Banking and Finance Review conferred to Abdullah Yousef Jaragh, the General Manager of Information Technology at AUB. This award is a recognition of the Bank’s ability to provide an advanced IT infrastructure and the outstanding contribution of Jaragh in supporting the industry.
Further, the bank was also awarded for Best Liquidity Management in Kuwait for 2021 by International Finance Magazine (IFM), Best Integrated Corporate Banking Site award by Global Finance, Best Business IT innovation Banking - Kuwait 2021 by International Finance Magazine (IFM),
Al-Humaidhi added, “we continue to maintain the interests of our shareholders, and to provide the best services and products to our customers, as well as our role in supporting our community through our initiatives and contributions that target all segments of society and assert the Bank’s commitment to its community-based role from a comprehensive and clear vision. Al-Humaidhi emphasized that Ahli United Bank continues to encourage and enhance the capabilities of our staff, in various departments and administrative levels, based on the Bank Management’s belief that the human element is the main axis of success, and that the Bank investment in its human wealth is the best investment to advance performance and efficiency at work in various fields, due to its direct reflection on excellence in customer satisfaction and the achievement of a high level of performance that enhances the Bank unique position. In conclusion, Al-Humaidhi expressed her thanks and appreciation to the AUB’s management and employees for their cooperation and dedication, which had the greatest credit for the bank’s success in attaining these good financial results. We would also like to reassure our valued clients of the bank’s readiness and its solid financial position.