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ABK Kuwait announce KD89.4m for financial year 2016

ABK Kuwait announce KD89.4m for financial year 2016

KUWAIT CITY: Al Ahli Bank of Kuwait (ABK) announced an Operating Profit of KD89.4 million for the financial year 2016 as compared to KD87.3 million for 2015, a growth of 2.4 percent.

According to details, net Profit at KD32.5 million grew by KD2 million compared to 2015. The Board of Directors have recommended a cash dividend of 11 fils per share compared to 10 fils in 2015, which is subject to approval of the Bank’s Annual General Meeting and financial regulators.

The Bank’s total assets and loans portfolio remained at KD 4.3 billion and KD 3.0 billion respectively. Total customer deposits rose 16.2 percent to KD 2.9 billion as the Bank aggressively diversified its deposit base.

Commenting on these results, Talal Mohammed Reza Behbehani, Chairman of Al Ahli Bank of Kuwait said, “We have recorded a positive performance with very solid operating results, which we are confident will continue and accelerate.

During 2016, the Bank completed the integration and rebranding of its Egypt acquisition. All 39 branches of ‘Piraeus Bank of Egypt’ have now been rebranded to Al Ahli Bank of Kuwait and the integration of the Bank’s systems and management structure is being completed on schedule.

In line with its commitment to a simpler banking experience, ABK has launched several initiatives in the digital space. The Bank was one of the first in Kuwait to launch biometric fingerprint authentication on our mobile banking system, and ‘Touch ID’ has now replaced mobile banking passwords.

The Bank’s Website and Internet Banking have been redesigned with a simpler user experience in mind, and customers can now pay their utility bills online directly from their bank accounts. Callers to the Contact Centre are now identified by their phone numbers. More exciting initiatives are underway, to be unveiled in 2017.

Further maximizing the Bank’s reach across Kuwait with the expansion of the offsite ATM fleet from 55 to 80 machines, ABK is also focused on becoming more accessible to customers. It was recently certified in the two newest Visa Innovative payment solutions; ‘Verified by Visa’ for enhanced online security and ‘PayWave’ tap-and-go payment functionality.

The Bank received numerous awards during 2016 including the ‘Best Bank Transformation in the Middle East’ by Euromoney, ‘Deal of the Year’ by The Banker, ‘Best Retail Bank’ by Asian Banker ‘Retail Bank of the Year’ by The European, ‘Best Commercial Bank’ by Banker ME, ‘‘Employer of the Year’ by Naseba, LPI certification; the only Middle East financial institution to be accredited.

ABK continued to maintain its strong investment grade ratings from international rating agencies Moody’s and Fitch, reflecting the Bank’s strong capital position, resilient earnings capacity, and stable funding and liquidity sources.