Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait - EPS clocks 22 fils, up 16%   Join our daily free Newsletter

MENAFN - Arab Times - 28/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Commenting on the Bank's performance for 2013, Ahmed Yousuf Behbehani, Chairman of the Board, stated the following

These results reflect a solid all round performance by the Bank with all key business indicators growing despite the challenging macroeconomic conditions. The Bank's disciplined balance sheet management, income diversification strategies, strong revenue generating capability and profitability metrics have enabled us to deliver these results as we also continued to improve our operating efficiencies, containing spending and holding costs in check. On provisioning we continued to remain prudent and conservative in our policies as we built up our precautionary provision coverage while our risk management practices became even more vigilant and focused. We have met with some success during the year as we managed to reduce our non-performing assets and continue our efforts to improve asset quality



Our strong capital adequacy which is the highest among domestic peers and well ahead of international norms gives us the capacity and resilience to absorb losses and sufficient capital to expand operations, strengths that give us a strong foundation for growth in the coming years as opportunities arise, some indications of which were already visible in the form of increased credit off take as seen during the latter half of this year with more government projects coming on stream. Further, we have also maintained our credit ratings at investment grade from international rating agencies Moody's and Fitch which recognise the Bank's strong capital position, earnings capacity and resilience, and stable funding and liquidity sources



Commenting on the Bank's branches, the Chairman stated the following

Currently the Bank has a retail franchise of 30 branches with 28 branches in Kuwait and 2 in the UAE, one each in Dubai and Abu Dhabi with plans to further expand the network to better serve customers and meet their expectations. Customer service is of utmost importance to us and we continue to invest in technology, develop of new products to satisfy customer needs, and improve our processes to provide better services to our customers. On the regulatory side we have implemented new policies and processes to comply with the new Corporate Governance regulations issued by the Central Bank of Kuwait and are ready to comply with the new FATCA and Basel III regulations when introduced



Strategie

The Chairman stated that the Bank is well placed to capitalise on opportunities as the local economy improves and to take advantage in the UAE of the economic impetus expected following Dubai's Expo 2020 win. The Bank had also developed appropriate strategies to perpetuate and enhance the Bank's profitability and value proposition for its shareholders and customers. In conclusion, he thanked the Bank's valued customers for their trust and confidence, the management and staff for their hard work and loyalty, the Board of Directors for their guidance and supervision, and shareholders for their continued support and faith




 


Arab Times




  MENA News Headlines
 Mar 4 2015 - Egypt eyes foreign investmentsMENAFN
(MENAFN) Egypt's economic conference raised expectations about improving investments opportunities in the country as well as among foreign business communities, The National reported.However, the ...

 Mar 4 2015 - ME carriers register 11.4 percent passenger growth in JanuaryMENAFN
(MENAFN) An increasing number of passengers are continuing to choose Middle East carriers for international travel, according to January figures from International Air Transport Association (IATA), ...

 Mar 4 2015 - UAE's Sanad portfolio value to reach USD1.5b by 2020MENAFN
(MENAFN) Sanad Aero Aolutions (Sanad), Mubadala's spare engine and component leasing and financing company, plans to increase its portfolio value to more than USD1.5 billion by 2020, up from over ...

 Mar 4 2015 - EU shares near 7-year highs as German retail sales jumpKhaleej Times
(MENAFN - Khaleej Times) The gains follow a rise in Asia and another record day on the Wall Street . US stocks futures pointed to a flat start.Eurozone government bond yields were slightly higher but ...

 Mar 4 2015 - UAE-based enterprises key target for seven global trade shows in Hong KongKhaleej Times
(MENAFN - Khaleej Times) The Hong Kong Trade Development Council, or HKTDC, the international representative organisation for Hong Kong-based manufacturers, traders and service providers, announced ...

 Mar 4 2015 - Moody's Investor Service upgrades Emaar's outlookKhaleej Times
(MENAFN - Khaleej Times) Emaar's strong cash flow generation, solid liquidity and growing business diversification will enable it to weather the more uncertain investment climate, Moody's Investor ...

 Mar 4 2015 - Israeli Navy Shoots Palestinian Fishing BoatsQatar News Agency
(MENAFN - QNA) Israeli navy opened fire at Palestinian fishing boats sailing off al-Sudaniya shore, in the northern Gaza Strip. Palestinian security sources said that the Israeli navy roaming the ...

 Mar 4 2015 - Dubai Int'l Boat Show sees more than 26,000 visitorsKhaleej Times
(MENAFN - Khaleej Times) The 23rd edition of the Dubai International Boat Show opened on Tuesday and is expected to draw more than 26,000 visitors from over 120 countries including High Net Worth ...

 Mar 4 2015 - Middle East and Africa private wealth set to hit $7.2t by 2018Khaleej Times
(MENAFN - Khaleej Times) With private wealth in the Middle East and Africa projected to reach $7.2 trillion by 2018, Dubai International Financial Centre is well positioned with its laws and ...

 Mar 4 2015 - Luxembourg seeks to bolster ties with UAEKhaleej Times
(MENAFN - Khaleej Times) Luxembourg, which is home to assets under management to the tune of more than ‚¬3000 billion, seeks to boost collaboration with the UAE in financial services, in particular ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help