Kuwait’s ABK net profit rises 19% to $106.21mln in 2022
- Date: 06-Feb-2023
- Source: Zawya
- Sector:Financial Services
- Country:Kuwait
Kuwait’s ABK net profit rises 19% to $106.21mln in 2022
Kuwait - Al Ahli Bank of Kuwait (ABK) has seen net profit rise 19% to KD32.3 million ($106.21 million) for the financial year 2022 driven by a full transformation strategy of all its business lines and operations.
Net operating profit rose by 10% to a total KD90.1 million, and earnings per share were 14 fils, compared to 12 fils the previous year. Total assets grew by 14% to KD6.4 billion, customer deposits by 13% to KD4.4 billion, and the loan portfolio increased by 19% to reach KD4.04 billion.
The Non-Performing Loan (NPL) ratio stood at 1.43% and NPL coverage was at 366%. The Capital Adequacy Ratio (CAR) reached 15.62% while the Shareholders’ Equity stood at KD504 Million.
Cash dividends
The Board of Directors has recommend the distribution of 8 fils per share as cash dividends to shareholders, in addition to distributing 5% bonus shares. These proposed distributions are subject to the approval of the ABK Annual General Meeting.
Commenting on the results, Talal Behbehani, Group Chairman of ABK, said: “The financial performance reflects the group’s long-term plan, centered on customer-oriented products, investing in its employees and boost the bank’s share in the market while adhering to prudent risk management practices and enhancing the share of