Al-Ahli bank achieves 11% profit growth in H1 2014

Al-Ahli Bank of Kuwait announced achieving a net profit of KD 19.1 million for the fist half of 2014 ending on June 30, compared to KD 17.2 million in 2013, representing an 11pct increase.
Earnings per share were 12 fils with a return on equity of 7.11pct compared to 11 fils and 6.69pct respectively, the Chairman of the Board Ahmed Yousuf Behbehani said, commenting on these financial results.
Operational revenues amounted to KD 59.9 million compared to KD57.8 million in the corresponding period of 2013.
The NPL ratio had reduced to 2.18pct compared to 2.68pct in the corresponding period in 2013, while the Capital Adequacy Ratio (CAR) was 23.16pct.
ABK also witnessed robust growth with total assets growing by 19pct to KD 3.8 billion from the beginning of the year, as customer deposits also grew by 19pct to KD 2.3 billion during 2014, he added.