(MENAFN- Arab Times) Al Ahli Bank of Kuwait (ABK) today announced an operating profit of KD 21.8 million for the first quarter, compared to KD 21.1 million for the corresponding period in 2014. Net profit stood at KD 9.1 million against KD 8.1 million in 2014. Total assets reached KD 3.6 billion up 2.4 percent compared to March 2014, while total shareholders' equity increased by KD14 million year on year to KD 546 million. Earnings Per Share (EPS)is at 6 fils for the first quarter of 2015, compared to 5 fils for the same period in 2014.
Commenting on the first quarter results, Chairman of Al Ahli Bank of Kuwait, Talal Mohammed Reza Behbehani said: "These results are encouraging and we are now moving forward into a growth phase.
We will continue to work at a conservative pace, executing a strategy that will still feature caution, but will give us the flexibility to capitalize on emerging and growth opportunities, and ultimately realize our goals. We have a strong management team in place, along with a solid financial position that will support our drive towards expansion."
Michel Accad, Chief Executive Officer at ABK, said: "We have started 2015 with strong momentum and we look forward to displaying consistent growth moving forward. We will continue to focus on differentiating ABK by delivering excellence through our easy and friendly banking services as well as successfully implementing our strategy. Through building synergy within the Banks groups and with strong guidance from our Board of Directors, we are confident that we will achieve our results."
ABK's efforts and performance were recently recognized when it was awarded the 'Most Improved Retail Bank in the Middle East by The Asian Banker', as well as the 'Prepaid Marketing - Best Use of Segmentation 2015' Award by Visa International', and the 'Best Premium Credit Card' by Banker Middle East. Such prestigious awards reinforce the Bank's leading position in the Banking sector and its profound understanding of its customers' needs.
The Bank will continue to move forward in the same direction and build on its successful strategy, while keeping its customers' best interests at the center of its operations.
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