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


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
 Nov 25 2015 - Saudi Smart Boat innovation honored in Copenhagen 2 RiyadhSaudi Press Agency
(MENAFN - Saudi Press Agency) Al-Shamakhi went on to say that he also provided his smart boat with special submerging telecommunication means attached to the boat's draft using sound waves to ...

 Nov 25 2015 - Saudi- Custodian of Two Holy Mosques receives Speakers of GCC Shura Representatives and National CouncilsSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh Safar 13 1437 November 25 2015 SPA -- The Custodian of Two Holy Mosques King Salman bin Abdulaziz Al Saud received at Al-Yamamah palace in Riyadh today the ...

 Nov 25 2015 - Kuwaiti Crown Prince receives GCC Ministers of Commerce and IndustrySaudi Press Agency
(MENAFN - Saudi Press Agency) Kuwait 13 Safar 1437 AH November 25 2015 SPA -- Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah the Crown Prince of Kuwait received here today the Ministers of Commerce and ...

 Nov 25 2015 - Saudi- Custodian of the Two Holy Mosques receives Executive President and Founder of World Economic ForumSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh 13 Safar 1437 AH November 25 2015 SPA -- The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud received at Al-Yamamah Palace here today the ...

 Nov 25 2015 - Crown Prince heads Saudi delegation to GCC Interior Ministers meetingSaudi Press Agency
(MENAFN - Saudi Press Agency) Doha afar 13 1437November 25 2015SPA -- Crown Prince Mohammed bin Naif bin Abdulaziz Al Saud Deputy Premier and Minister of Interior arrived here today to head the ...

 Nov 25 2015 - Speakers of GCC Shura Representatives and National Councils meet in Riyadh 2 RiyadhSaudi Press Agency
(MENAFN - Saudi Press Agency) Addressing the meeting the Speaker of Shura Council Sheikh Dr. Abdullah bin Mohammed bin Ibrahim Al Al-Sheikh welcomed the Speakers of Shura Representatives National and ...

 Nov 25 2015 - Saudi- Dr. Abdullah Al Rabiah receives Swiss ambassadorSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh Safar 13 1437 November 25 2015 SPA -- Dr. Abdullah bin Abdulaziz Al-Rabi'ah Advisor at the Royal Court and General Supervisor for Riyadh-based King Salman ...

 Nov 25 2015 - Saudi- National Guard Minister receives French AmbassadorSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh Safar 13 1437 November 25 2015 SPA -- Prince Miteb bin Abdullah bin Abdulaziz Minister of National Guard received here today the ambassador of France to the ...

 Nov 25 2015 - Germany plans to send 650 troops to MaliSaudi Press Agency
(MENAFN - Saudi Press Agency) Berlin Safar 13 1437 November 25 2015 SPA -- The German government plans to send up to 650 troops to Mali to help with the peacekeeping mission in the West African ...

 Nov 25 2015 - Turkey- G20 Communiqu: " The fight against terrorism is a major priority "The Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Following the two-day summit in Antalya Turkey G-20 leaders released a communiqué calling for greater coordination and information to counter terrorist ...






Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

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


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


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