The Banking Executive Magazine - April 2023 Issue

Al Ahli Bank ISSUE 172 APRIL 2023 the BANKING EXECUTIVE 33 FINANCIAL PERFORMANCE Commenting on the financial results, Mr. Talal Behbehani, Chairman of ABK’s Board of Directors, said, “Our demonstrated growth in the first quarter of the year highlights ABK’s success in keeping up with the pace of local, regional, and global eco- nomic changes by developing plans designed to confidently and success- fully overcome challenges.” Mr. Behbehani added, “During the first three months of the year, the Group was able to achieve growth across all key indicators and contin- ued efforts to maximize sharehold- ers’ rights and ensure value creation.” The Chairman continued, “The Group is keen to seize opportunities that contribute to achieving sustain- able growth and support the overall economic development of the coun- try to help ensure the success of Kuwait Vision 2035.” These financial results follow ABK’s recent Annual General Assembly for the fiscal year ending December 31, 2022 held in March, which was at- tended by 92.8% of shareholders, where the Board of Directors’ recom- mendation to distribute 8% cash div- idends (8 fils per share) and 5% bonus shares (5 shares for every 100 shares) to ABK shareholders was ap- proved. The Chairman extended his appreci- ation to the Central Bank of Kuwait and regulatory authorities for their guidance and support of the Kuwait banking sector. Mr. Behbehani also expressed his gratitude for all the ef- forts of ABK’s shareholders, Board of Directors, Executive Management and staff for their ongoing commit- ment to ensuring that ABK performs at the highest levels. Reaffirming the strength of the Group’s financial results, ABK’s Group CEO, Mr. George Richani, said, “Our growth is a reflection of the successful implementation of our strategic transformation plan. We continue to develop and grow our market share across all segments in- cluding both individual and corpo- rate clients.” He added that the Group studies economic develop- ments on an ongoing basis and de- velops prudent plans to address challenges. Mr. Richani confirmed that ABK has maintained its investment-grade rat- ings from international agencies Fitch (A) and Moody’s (A2), with a stable outlook reflecting the great confidence the Bank enjoys at a global level. Mr. Richani emphasized that ABK continues to strengthen its position as a main and essential contributor to Kuwait’s financial and banking sec- tor. The Bank endeavors to continu- ously develop its employees’ capabilities by organizing training courses in partnership and coopera- tion with several leading specialized local and regional agencies and in- stitutions. CUSTOMER SERVICE Mr. Richani stressed that customers remain a top priority for ABK. He said, “In order to reward customers for their ongoing loyalty, a continu- ous stream of special offers are de- veloped and launched in partnership with strong brands that can be un- locked by simply using ABK cards for financial transactions.” ABK also continues to invest in tech- nology to broaden its digital service offerings for all its customers across the region in Kuwait, Egypt, and the UAE. Mr. Richani disclosed that, with the most recent launch of Apple Pay and Google Pay, ABK has widened its digital payment solution services with the aim of increasing customer satisfaction, which in turn will reflect positively on the Bank’s market share. CORPORATE S OCIAL RESPONSIBILITY ABK understands the crucial role that corporate social responsibility plays in a company’s brand perception and attractiveness to various stakeholders including investors, talent retention and acquisition, which all contribute to overall business success. Therefore, in addition to achieving fi- nancial growth, ABK stressed its keenness to enhance its presence in the local community by organizing, sponsoring, and supporting several initiatives during the first quarter of the year as part of its commitment to social responsibility. One of ABK’s main charitable initia- tives that took place earlier this year was the donation to Kuwait Red Crescent Society to help support vic- tims following the devastating earth- quakes that struck Turkey and Syria. Furthermore, ABK has already dedi- cated efforts towards several sectors so far into the year, such as sponsor- ing Amiri Hospital’s second annual health campaign, HH the Crown Prince’s Cup final match and Porsche Club Kuwait in sports, as well as a series of university career fairs to en- courage Kuwaiti youth as part of the Bank’s educational support. ABK also continues to organize ini- tiatives for special occasions throughout the year, the most recent of which was the holy month of Ra- madan. Some activities included do- nating iftar meals and food aid boxes, which witnessed active par- ticipation from ABK staff volunteers. Furthermore, for the third consecu- tive year, ABK continues to dedicate its efforts to increasing financial liter- acy by disseminating educational content as part of its support of the Central Bank of Kuwait and Kuwait Banking Association’s ‘Let’s Be Aware’ or ‘Diraya’ nationwide cam- paign which aims to establish and embed financial awareness into so- cietal culture targeting all customer segments.