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The Bank of Kuwait Al-Ahli (NBK) posted strong earnings, continuing its growth in the first half of 2019 and increasing its net profit by 18 percent to 22.6 million dinars.
Operating profit for the same period increased by 4% to 53.7 million KD and badets, from 4% to 4.73 billion KD.
Earnings per share remained stable at 12 threads due to the impact of the cost of issuing Tier 1 capital bonds.
Asset quality remained strong with a nonperforming loan ratio of 1.96%, a 318% hedge, equity of 591.1 million dinars and an equity ratio of 18.73%.
The chairman of the board, Talal Mohammed Reza Behbehani, said that thanks to its prudent policy and economic growth strategy, Al Ahli has achieved strong financial results while maintaining its fixed financing capacity. and its capital ratios.
He added that as growth continues, the Bank is well positioned to implement its strategic priorities and deliver long-term, sustainable value to its shareholders.
Mr. Al Akkad, Managing Director of the Bank Group, said: "The continued growth of the central bank and retail bank demonstrates the strength and integrity of its badet portfolio, which is supported by state-of-the-art technology and leadership in its operational areas.
He said transitioning to digital banking was a strategic priority for the bank, which is developing a multichannel distribution model that provides customers with simpler and more streamlined services through its multiple channels of banking provision.
"With this goal, we will ensure that the Bank's digital transformation is inclusive, which will have a direct positive impact on customer satisfaction.
In accordance with Al Ahli's strategy, which carries the slogan "Bank Easel", the bank has introduced a series of innovative digital banking services in 2019 through the mobile phone application.
This includes ABKPay, which allows Kuwaiti customers to split billing or transfer payments to their bank accounts from other local bank accounts and Global View, which allows them to view their multiple accounts, both in Kuwait. Or in the United Arab Emirates or Egypt, via a single sign-on process and online services.
Al Ahli customers can open a savings account or remote deposit accounts online without visiting any branch.
Various prices
Al Ahli won the Middle East "Deal of the Year" award in 2018 for the outstanding financing facilities he had with DAE last year ($ 800 million).
The Bank was the second largest banker's moving company in the Middle East and the largest contributor to Kuwait's solvency ratio.
Global Finance magazine ranked Al Ahly among the top 10 safest banks in the Middle East.
Euromoney valued him for his outstanding contribution to the financial services sector in the Middle East.
As the lead bank, Al-Ahli participated in the $ 470 million transaction with AlfaCo, an unsecured Murabaha facility, confirming the bank's ability to take the lead in syndicated loan operations. structured lending market in the region.
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