Al Ahli Bank of Kuwait Delivers Strong Performance in Q1 2024
Financial performance
Al Ahli Bank of Kuwait announced net profits of 14.52 million Kuwaiti dinars, which represents an increase of 35% and an increase in earnings per share by 50% from 4 fils to 6 fils. Operating profits also witnessed an increase of 25% to reach 27.80 million Kuwaiti dinars, while operating revenues also increased by 21% to reach 51.86 million Kuwaiti dinars, reflecting the bank’s strong profitability and value creation for shareholders.
The bank’s total assets reached 6.51 billion Kuwaiti dinars, while maintaining a steady growth in loans and advances amounting to 4.27 billion Kuwaiti dinars, while customer deposits amounted to 3.91 billion Kuwaiti dinars, which confirms the group’s reputation as a reliable financial partner. Moreover, the non-performing loan ratio reached 1.34%, the non-performing loan coverage was 462%, the capital adequacy ratio was 16.27%, and shareholders’ equity was 593.52 million Kuwaiti dinars, which confirms the financial stability of Al Ahli Bank of Kuwait. Strong financial position and balance sheet.
Economic outlook
Commenting on the strong performance, Chairman of the Board of Directors of Al Ahli Bank of Kuwait, Talal Behbehani, said: “Kuwait’s resilient economic environment in 2024, characterized by efforts to diversify and strengthen the economy, played an important role in supporting Al Ahli Bank of Kuwait’s recent strong financial results.”
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