Al Ahli Bank of Kuwait (ABK) Announces Operating Profits of KD 87.3 Million and Net Profits of KD 30.4 Million for 2015
Al Ahli Bank of Kuwait (ABK) today announced Operating Profits of KD 87.3 Million for 2015, up 5.8 % from in 2014. Operating Income likewise saw a 9.3 % jump to KD 128.5 Million, while net loans and advances to customers increased by 25.8 % over the exact same period, underlining the Bank's strong growth momentum.
Net Profits, nevertheless, were down 19.2 %, from KD 37.6 Million to KD 30.4 Million, following aggressive preventive provisioning on the Kuwait book (KD 28 Million for the 4th Quarter and total arrangements of KD 61.4 Million for 2015) to reflect the present market volatility and depressed asset prices. ABK will continue its conservative policy of provisioning during 2016.
The Group's total assets at year-end enhanced by 24.6 % to KD 4.36 Billion, while consumer deposits were 28.8 % greater at KD 2.50 Billion. Shareholders' equity totaled up to KD 556 Million, and the Group attained a return on equity of 5.5 %, with revenues per share of 19 fils.
It also produced a remarkable net one-off gain of KD 8 Million (Note that Operating Profits would have been KD 95.3 Million had ABK included this gain relating to the acquisition of Piraeus Bank of Egypt). It operates 39 branches and contributed KD 428 million to the overall possessions of the Group.
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