Ahli United Financial Institution K.S.C.P. (AUBK) announced its outcomes for the fiscal year ended on 31 December 2022; the Financial institution has actually videotaped an internet revenue for 2022 amounting to KD 36.4 million which is greater by 16.7% than KD 31.2 numerous 2021.
The Bank’s total properties has videotaped KD 4.71 billion at the end of December 2022. The web funding receivables portfolio has grown by 2.1% to reach to KD 3.41 billion as of December 2022 (2021: KD 3.34 billion) while consumer down payments have actually likewise expanded to reach to KD 3.24 billion against KD 3.11 billion reported in 2014 standing for a growth of 4.2%. The investors’ equity has recorded KD 0.49 billion at the end of 2022 against KD 0.47 billion reported last year representing a growth of 4.3%, while Earnings per Share (EPS) taped 13 fils at the end of the year 2022, contrasted to 10.9 fils in 2021.
The Board of Directors has suggested a circulation of cash money dividend of 8% (8 fils per share). The suggested cash money dividend is subject to the Annual General Meeting’s approval.
Financial results
Talking about economy and also results, Dr. Anwar Al-Mudhaf, Chairman of Ahli United Financial institution, stated: Regardless of the reality we live in today during a time when the world is facing a constant state of unpredictability, accompanying several shocks such as rising cost of living, the Russian-Ukrainian war, supply chain disruptions, the repercussions of the Covid-19 epidemic, as well as many other influential pressures that magnify each other, resulting elevating interest rates, the Financial institution remained to reinforce its position in the Kuwaiti market and also was able to keep the solidity of the Bank’s financial placement and also its capacity to attain approved growth prices.
Dr. Al-Mudhaf clarified that the Bank maintained a solid funding adequacy ratio (CAR), before returns, of 18.4% as of 31 December 2022 exceeding the degree called for by the regulatory authority. Even more, the Financial institution has kept a conventional method of threat monitoring, which contributed to enhancing the high quality of its possessions as well as decreasing the uneven funding proportion to 1.76% at 252% coverage ratio consisting of collaterals at the end of 2022.
Dr. Al-Mudhaf pointed out that Ahli United Bank is unflinchingly devoted to boosting the values for the advantage of its recognized shareholders as well as valued customers. This dedication appears in the Financial institution’s technique intending to boost the effectiveness and also resilience of its economic position, in addition to the quality of managing its credit portfolio. This approach, together with the solid liquidity management, added to accomplishing substantial development in the Financial institution’s profitability, which favorably influenced all financial indicators.
Dr. Al-Mudhaf highlighted that AUB is steadily progressing at an increased rate to achieve digital advancement that fulfills client desires. He stated that AUB reported a significant yearly growth throughout vital metrics, on premises of the stipulation of sophisticated experiences as well as services to the Financial institution’s customers. This is combined with continuing promotional campaigns and digital marketing projects to interact with consumer growing base.
Dr. Al-Mudhaf emphasized that AUB is firmly committed to advertising the execution of sustainability and setting and social governance framework. This strategy is based on methods that boom the positive effect on the Kuwaiti setting as well as society. It likewise shows positively on achieving our objective in sustainable advancement.
Prominent Social Role
Dr. Al-Mudhaf worried that AUB, being the initial bank to run its operations in Kuwait more than 80 years earlier, has been able to play a famous function in social work. Over these long years, AUB has actually confirmed its capability to supply a role model in social duty as well as sustainable advancement. Furthermore, it offers a ground-breaking as well as distinguished experience in social responsibility, as are its long-lasting success whatsoever fronts.
Dr. Al-Mudhaf included that in 2022, AUB continued to release targeted social-based campaigns and funded health and wellness, social and also philanthropic activities, which provided a positive impact on all segments of culture.
Thanks and Appreciation Message
To conclude, Dr. Al-Mudhaf prolonged deep gratitude to all those who added in attaining these significant monetary outcomes. He delivered unique many thanks to the Bank’s shareholders for their perpetual depend on, and to the Financial institution’s staff members that exhibited excellent commitment and dedication. Further, he communicated grateful recognition to the Central Bank of Kuwait for its constant assistance. Finally, he offered sincere gratefulness to the Bank’s customers for their unfaltering commitment, stressing the Bank’s dedication in offering them the best financial experience.
From her side, Mrs. Jehad Al-Humaidhi, Board Participant as well as Ceo of Ahli United Financial institution stated: “Ahli United Financial institution has actually accomplished robust financial lead to 2022. It is a great enjoyment to reveal our growth in profits driven by a strong operating efficiency. AUB took care of to climb to the peak of the banking industry as well as to preserve its one-of-a-kind position in Kuwait with offering funding remedies at affordable revenue prices.”
Jehad added that the well balanced performance of the Bank during 2022 achieved a good growth in all business fields with earing per share videotaping a brand-new elevation of 19% positive growth after taping an unfavorable development in EPS in 2021 of -7%. The balanced growth in all markets, Wholesale, Retail, Private Financial and Wide Range Administration, has shown a varied sources of income and also danger moderates regardless of that fact that the problems arrangement base was supported additionally in 2022 by an 2.8% greater charges than 2021.
Al-Humaidhi added that the adaptability of the financial institution’s service version, its capacity to adjust to different conditions, the one-of-a-kind position it delights in amongst its clients and investors, the Financial institution’s lengthy background and its remarkable ability to continue and also get over troubles, was the main factor for the financial institution’s sustainable growth.
Ground-breaking banking experience keeps up with digital acceleration
Al-Humaidhi underscored that AUB pursues its accelerated actions to provide an electronic banking experience that keeps up with digital acceleration in all banking and also funding solutions. Through this technique, AUB intends to fulfill client aspirations and to provide an outstanding financial experience that supplies seamless and risk-free economic product and services. It likewise concentrates on accelerating the pace of technology of digital financial solutions to remain concentrated when traveling ahead.
In this context, Al-Humaidhi pointed out that in 2022, AUB released a variety of digital banking solutions. These innovative services offer cutting-edge banking measurements to satisfy customer present and also future requirements. They likewise plan to enhance the electronic financial solutions provided by the Bank to its consumers. In 2022, even more banking solutions were released with AUB mobile App. The Bank additionally launched the boosted B2B Mobile application for company cash money monitoring. In addition, AUB also introduced “ApplePay” service which offers a fast, simple as well as safe means of settlement.
Al-Humaidhi included that AUB is continuing to establish as well as enhance its procedures with a top notch technical environment to meet consumers’ aspiration. At the same time, it focuses on following the fast and also expanding growth in electronic transformation as well as protecting safe and trustworthy technical systems for both consumers and team.
Strong presence in Banking Sector through 8 Prestigious Awards
Al-Humaidhi included that AUB highlighted its strong existence in the Islamic Financial market in Kuwait by obtaining 8 remarkable awards in 2022 from a number of respected worldwide agencies, in many areas of the financial company.
Al-Humaidhi claimed that AUB takes pride in these awards, highlighting that they are a recognition of the confidence got from prominent international financial entities. These awards are the fruits of the effort made by AUB administration with the goal to give the best advanced financial solutions and solutions. These innovative options have actually been well obtained by consumers as they satisfy their banking desire, which reflects the Bank’s withstanding commitment to consumers.
Maintaining its position as Employer of Choice
Al-Humaidhi included that AUB continued its efforts in 2022 to keep its one-of-a-kind position as Employer of Option in the Kuwaiti banking industry based upon its method and also method that take care of choose and also bring in the most effective banking skills. The Bank likewise looks for to advance their abilities and capacities with incorporated training as well as development programs, intending to advance their job so that they can play their role in forward-moving the Kuwaiti financial industry.
Notable role in its ongoing support of the “Let’s Be Aware” campaign
Al-Humaidhi stressed that in 2022, AUB proceeded its assistance to the banking understanding “Let’s Be Aware” campaign. The “Let’s Understand” project has been released by CBK together with the Kuwait Financial Organization to advertise economic society and also raise recognition among different segments of culture.
Al-Humaidhi revealed her sincere many thanks and also admiration to the Reserve bank of Kuwait as well as various other regulatory authorities for their attentive initiatives to sustain the financial system. She revealed her deep gratitude to AUB’s Board of Directors and identified investors. She likewise shared happy appreciation to the Exec Monitoring group and all the Financial institution’s workers for their devotion as well as tireless initiatives in serving the Bank’s customers in a manner befitting the special position of Ahli United Bank.
Last Updated: 08 February 2023
