(MENAFN- Arab Times) Ahli United Bank announced its results and financial statements for the first half ending on June 30, 2015, following the endorsement of the statements by the bank's Board of Directors and the approval of the Central Bank of Kuwait. The results showed improvement.
On this occasion, the Chair-man, Dr Anwar Al-Mudhaf, said "The net profit for H1 2015 reached KD 25.5mln. Ahli United Bank's profits are driven by its core businesses of Corporate, Retail, Private Banking and Treasury. The net operating income (after provisions) reached KD 43.2 mln recording an increase of 3%, as compared with KD 42.1 mln recorded during H1 2014".
Dr Al-Mudhaf went on to say that, "The financing portfolio growth in all its components, reaching KD 2,594 mln, an increase of 4.6% as compared with KD 2,480 mln achieved at the end of 2014, thereby driving the bank's total assets to rise to KD 3,753mln, or 4.3%, compared with their level of 2014 which was KD 3,597 mln."
Total deposits increased to KD 3,353 mln, compared with KD 3,210mln as at the end of 2014, up by 4.5%. It is to be taken into consideration that the returns on customer investment accounts are deemed amongst the highest in the local market, whereby the six-month investment deposit return rate reached 1.09% pa and the annual investment saving accounts return rate reached 1.18% pa, noting that Ahli United Bank is distinguished by distributing profits quarterly to depositors according to the results of the bank's operations during the reporting period.
The financial statements showed strong levels of liquidity and capitalization as the Capital Adequacy Ratio recorded 15.1% which is higher than the Central Bank of Kuwait mandatory level of 12.5%.
Ahli United Bank reaffirmed its market leadership in providing highest values to its shareholders and reported robust equity performance indicators hence shareholders' equity continued to be strong. The Earnings Per Share (EPS) for H1 2015 recorded 18 fils and Return on Average Assets posted 1.3% whilst return on Average Equity achieved 15.3% for the H1 2015.
Dr Al-Mudhaf added; "Ahli United Bank's result in the first half of this year reinforces the established position of the bank. This makes us more ambitious and to look forward to a promising future when the bank will be in the lead of financial institutions, supporting the development and growth of the economy in Kuwait. As a pioneer in Islamic Banking in this market, the bank is driven by product innovation, technology and integrated solutions and services and, above all, achieving customer satisfaction. At the same time, we confirm our commitment to these continued endeavors to generate sound returns to our shareholders and depositors and providing the best products and services for our customers".
Dr Al-Mudhaf concluded by saying, "We extend our thanks and appreciation to Central Bank of Kuwait, the Capital Markets Authority and to our loyal and valued customers. I would also like to thank the management and staff for their untiring efforts to ensure the continued success of the bank in a challenging and competitive market".
Ahli United Bank has obtained a credit rating from "Fitch" which affirmed the bank's credit strength on the Long-Term and Short-Term to 'A+' and 'F1' respectively with a stable Outlook.
The international magazine "The Banker", awarded "Best Private Banking Services" in Kuwait award for the year 2014 to Ahli United Bank and also awarded the bank for the third consecutive year the award of "The Best Islamic Bank in Kuwait 2015".
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