AUB bags KD 20.5m net profit for H1,2023

Ahli United Bank (AUB) announced its results for the first six months of year ended June 30, 2023, achieving a net profit of KD 20.5 Million compared to KD 20.2 Million of net profits recorded for the same period last year, with an increase of 1%. The Bank also recorded total operating income of KD 42.7 Million in H1 2023 vs. KD 46.4 Million in H1 2022.

Total Assets reached KD 4.54 Billion at the end of June 2023, lower than KD 4.71 Billion recorded as in December 2022. The Financing Receivables at the end of June 2023 reached KD 3.28 Billion vs. KD 3.41Billion the end of December 2022.

In addition, AUB has maintained a solid capital adequacy ratio of 18.32% as of June 30, 2023, which is comfortably higher than the CBK’s current minimum required ratio creating opportunities for future expansion in credit facilities, businesses and operations.

As of June 30, 2023, the Bank’s return on average equity (ROAE) recorded 8.4% and return on average assets (ROAA) recorded 0.9%. Earnings per share recorded 7.5 fils per share in H12023 (7.4 fils in H12022).

Ahli United Bank enjoys prestigious international ratings. On May 2, 2023, Fitch Ratings, the International Credit Rating Agency, has affirmed Ahli United Bank K.S.C.P.’s (AUBK) Long-Term Issuer Default Rating (IDR) at ‘A’ with Stable Outlook, Short-Term Issuer Default Rating (IDR) ‘F1’ and Government Support Rating (GSR) ‘a’.

In the first half of 2023, Ahli United Bank received numerous awards and accolades. The global prestigious magazine MEED honored the efforts and achievements of Mrs. Jehad Al-Humaidhi; Chief Executive Officer and Board Member of Ahli United Bank by awarding her the MENA Islamic Banker of the Year at the MENA Banking Excellence Awards 2023. The award recognizes Al-Humaidhi’s exceptional leadership throughout her professional career spanning over 38 years and her support for technological innovation in the banking sector, diverse expertise, and active membership in several boards of different institutions.

In recognition of its exceptional efforts in customer protection and fraud prevention, Ahli United Bank has been honored with the Excellence in Customer Protection-Fraud Control award in the Middle East and North Africa 2023 by MEED, the renowned international magazine. The bank received this award based on its implementation of advanced security measures, fraud detection systems, and customer protection protocols.

Moreover, Ahli United Bank has been awarded Best Remittance Service in the Middle East and North Africa for 2023 by MEED magazine. This recognition is attributed to the bank’s collaboration with SWIFT Payment Controls, SWIFT GPI, Afaq, and KNPS, which have provided the bank with the latest technologies and security features. These partnerships have given the bank a significant competitive advantage in the region. Additionally, the bank stands out for its fast, secure, and convenient online money transfer platform, offering competitive exchange rates.

Furthermore, Ahli United Bank won Best Bank in Internal Sharia Audit Award in Kuwait for the year 2023 by the renowned International Finance magazine. This recognition is based on the efficiency and effectiveness of the bank’s internal Sharia control system, its framework for assessing Sharia risks, the Sharia audit procedures guide, and effective Sharia training methods.