Al Ahli Bank of Kuwait (ABK) concluded its Annual General Meeting (AGM) at the Banks headquarters, on Saturday, 18 March, 2017. With a completed quorum, investors accepted the Board of Directors suggested cash returns of 11 Fils per share compared to 10 Fils in 2015.
The Bank announced an Operating Profit of KD 89.4 million for the financial year 2016 as compared with KD 87.3 million for 2015, a growth of 2.4%. This was due to a considerable 14.8% jump in Running Income, which got to KD 147.5 million, partially countered by boost as the Bank remains to buy individuals and innovation. Net Earnings at KD 32.5 million expanded by KD 2 million or 7% compared to 2015. Revenues each share were 20 Fils vs 19 Fils during 2015, and return on equity was 5.8%.
Commenting on these results, Mr. Talal Mohammed Reza Behbehani, Chairman of Al Ahli Bank of Kuwait said, "This year was just one of financial combination for ABK Group incorporated with solid and consistent business across all our markets, particularly our procurement in Egypt. This success was attained with the collective initiatives and close working relationship in between the Board and Executive Monitoring groups and proceeded concentrate on our core fundamentals and distribution on our business strategy”.
He added: "ABK Group delivered a solid efficiency throughout all its business sections while maintaining a prudent approach in an unpredictable global financial climate via aggressive preventive provisioning on the Kuwait publication."
The Bank's total assets and car loans profile remained at KD 4.3 billion and KD 3.0 billion specifically. Complete consumer down payments rose 16% to KD 2.9 billion as the Bank strongly diversified its deposit base. Shareholder Equity totaled up to KD 555 million and the Funding Competence Ratio was very healthy at 17.67%.
Throughout 2016, the Bank completed the integration and rebranding of its Egypt procurement. All 39 branches of 'Piraeus Bank of Egypt' have currently been rebranded to Al Ahli Bank of Kuwait - Egypt (ABK-Egypt), and the assimilation of the Bank's systems and management structure is being finished on schedule. ABK-Egypt has supplied extremely healthy and balanced profit and growth in its very first year of operation post-acquisition, and a lot more notably, the Bank delights in a foreign currency bush position that considerably secures its capital against any type of decrease or changes in the worth of the Egyptian pound.
In accordance with its commitment to an easier banking experience, ABK has actually introduced several initiatives in the digital area. The Bank was one of the very first in Kuwait to launch biometric fingerprint verification on our mobile banking system, and 'Touch ID' has actually now replaced mobile banking passwords. The Bank's Internet site and Electronic banking have actually been redesigned with a simpler individual experience in mind, and customers can currently pay their energy bills online straight from their savings account. Customers to the Contact Centre are currently identified by their contact number. The Telephone call Centre platform has actually been completely changed, improving efficiencies and decreasing call duration by approximately 30%, whilst assigning priority queuing to Elite, VIP and International customers. All ABK branches have actually now been furnished with Cash Deposit equipments, better simplifying the consumer experience. A lot more amazing initiatives are underway, to be revealed in 2017.
Modern technology was not the only solution emphasis, the Bank likewise introduced a variety of new solutions provided at several of its branches for customers with unique needs, in accordance with its Company Social Responsibility (CSR) strategy, such as adapted ATM's, indicator language services and internet site sound translation, to far better offer the entire community.
The Bank received many honors throughout 2016 consisting of the 'Ideal Bank Transformation between East' by Euromoney, 'Deal of the Year' The Banker, 'Best Retail Bank' by Oriental Banker 'Retail Bank of the Year' by The European, 'Ideal Commercial Bank' by Banker ME," Employer of the Year' by Naseba, LPI certification; the only Middle East banks to be accredited. Michel Accad was called 'Bank Chief Executive Officer of the Year' by Chief Executive Officer Publication; a more testament to the Bank's outstanding management and approach and ABK was additionally provided as one of the 50 most safe financial institutions in the Middle East by Global Finance.
ABK keeps a healthy and balanced capital position and strong liquidity, in conformity with the Central Bank of Kuwait's strong regulatory system, with its focus on structure precautionary provisions.
For more details on Al Ahli Bank of Kuwait, please browse through www.eahli.com or call an ABK client service representative via 'Ahlan Ahli' at 1899899.