Al-Ahli Bank of Kuwait (ABK) announced that its net profit for the first nine months of 2021 was KD 21.1 million ($69.6 million), against a net loss of KD 7.9 million in the corresponding period of 2020.
In a statement, the bank’s CEO George Richani said that the operational revenues for the current period were KD 116.4 million, ($384 million), an increase of 13 percent compared to the same period last year.
The bank’s total assets increased by 4 percent to reach KD 5.2 billion ($17.1 billion), while loans and advances decreased by 3 percent to reach KD 3.2 billion ($10.5 billion).
Customer deposits grew by 13 percent to reach KD 3.8 billion ($12.5 billion), the rate of non-performing loans amounted to 2.6 percent and the coverage rate reached 258 percent, the statement said.
Richani said the bank achieved success recently by launching the first issuance of Kuwaiti dinar-denominated bonds at a value of 50 million dinars ($165 million), with investors and the subscription exceeding the target issuance amount. (KUNA)
