– Al-Ahli Bank of Kuwait (ABK) announced a KD 21.1 million (about USD 69.6 million) net profits in the first nine months of 2021, against a Net Loss of KD 7.9 million incurred in the corresponding period in 2020.

In a statement, the bank’s CEO George Richani said that the operational revenues for the current period was KD 116.4 million, (USD 384 million), an increase of 13 percent compared to the same period last year.

Total Assets increased by 4 percent, to reach KD 5.2 billion (USD 17.1 billion), while loans and advances decreased by 3 percent to reach KD 3.2 billion (USD 10.5 billion), Richani added.

Customer deposits grew by 13 percent to reach KD 3.8 billion, (USD 12.5 billion), while the rate of non-performing loans amounted to 2.6 percent, with a coverage rate reached 258 percent.

He indicated that the bank’s capital adequacy ratio reached 17.15 percent, while shareholders’ equity amounted to 512 million dinars (USD 1.6 billion).

Richani pointed to the bank’s recent success in launching the first issuance of Kuwaiti dinar-denominated bonds at a value of 50 million dinars (USD 165 million), with investors and the subscription exceeded the target issuance amount.

Source: Kuwait News Agency