(MENAFN- Kuwait News Agency (KUNA)) Al Ahli Bank of Kuwait (ABK) announced Thursday a net profit of KD 20.44 million (USD 67.45 million) for the first half of 2015, demonstrating a 7.2 percent increase from KD 19.07 million (USD 62.93 million) over the same period in 2014.
In a press statement, ABK said that its operating income also saw a 4.6 percent jump from the same period last year with KD 62.64 million (USD 206.7 million) versus KD 59.89 million (USD 197.63 million) in 2014. It added that net loans and advancements to customers increased by 8.4 percent over December 2014. Total assets reached KD 3.7 billion (about USD 12.2 billion) whilst total shareholders' equity measured up to KD 555.83 million (some USD 1.83 billion), marking a steady growth for the Bank.
Additionally, during the first half of 2015, ABK entered in to an agreement with Piraeus Bank S.A. Greece to acquire 98.5 percent of their subsidiary Piraeus Bank Egypt (PBE). The Bank has obtained Central Bank of Kuwait approval and is in the process of finalizing the Egyptian regulatory authority approvals. Once these have been obtained PBE will be a part of ABK and rebranded as ABK Egypt across the entire 39 branch network by the end of 2015.
Michel Accad, ABK's Chief Executive Officer, highlighted ABK's solid performance for the first half of the year: "ABK is excited about the success achieved since 2014. Our commitment to excellence is underlined by our growth which is made possible by our strong experienced management team and a dedicated workforce. We will further improve our infrastructure, processes and systems in order to ensure constant delivery of quality, easy and friendly banking services to our customers as we continue to build on the figures achieved in the first half of 2015." Commenting on the regional benefit of ABK's impending acquisition of PBE Talal Mohamed Reza Behbehani, Chairman of ABK said: "We are eager to welcome PBE into the ABK family and look forward to the opportunities this will present. This milestone entry into Egypt will consolidate ABK's position as a key player in the regional market while offering the chance to diversify our business profile and capital as we tap into a new market. We look forward to expanding the existing business relationship between our two countries with the launch of ABK Egypt." (end) fnk.tb.ibi
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