Al-Ahli Bank of Kuwait achieves KD 29 mln net profits in H1 2024

Al-Ahli Bank of Kuwait announced on Saturday that it achieved net profits of KD 29.06 million (around USD 95.8 million) in the first half of 2024, a growth of 22 percent year-on-year, with earnings per share at 12 fils. The Al-Ahli Bank Group said in a press release that operating revenues increased by 15 percent to KD 100.9 million (around USD 332.9 million). Operating profits grew by 21 percent to KD 53.57 million (around USD 176.7 million). It added that total assets reached KD 6.64 billion (around USD 21.9 billion). Moreover, the group recorded a five percent growth in total loans and advances to reach KD 4.5 billion (around USD 14.8 billion), while customer deposits amounted to KD 3.97 billion (around USD 12.8 billion). It indicated that non-performing loans ratio recorded 1.31 percent with a coverage ratio of 447 percent. In contrast, the capital adequacy ratio reached 15.3, and total shareholders' equity reached 607 million dinars (about two billion dollars). The group quoted the Chairman of the Board of Directors, Talal Behbehani, as saying, "The group is fully prepared to contribute to finance the major development projects that will be launched in Kuwait in the near future." He expressed his hope to enhance the partnership between the public and private sectors in implementing the (New Kuwait 2035) vision's plans to improve economic activity and contribute to transforming the State of Kuwait into a regional and global commercial and financial hub. Source: Kuwait News Agency