Al Ahli Bank of Kuwait (ABK) has posted a 30.6% growth in net profits to hit $88.5 million (KWD 27.5 million) in the first nine months of 2022, compared to $67.6 million (KWD 21 million) in the same period a year earlier, thanks to higher operating income.
Net profits in the third quarter of 2022 soared by 51.9% to $29 million (KWD 9 million) from $19.2 (KWD 5.97 million) in the same quarter a year earlier, the gulf lender said in a bourse filing Thursday
. Net operating profits increased by 16.9% in the first nine months of 2022 to $233.4 million (KWD 72.5 million), compared to $199.6 million (KWD 62 million) in the same period in 2021, ABK said in the filing.
Operating profits also rose by 25% during the third quarter of the year to $87.5 million (KWD 27.2 million).
The current assets of ABK slightly increased by 5.3% to $10.3 billion (KWD 3.2 billion) in the first nine months of 2022, from $9.7 billion (KWD 3 billion) a year earlier. Total assets, however, rose by 15% to $19.3 billion (KWD 6 billion) in the first nine months of 2022.
Total operating revenue surged in the first nine months of 2022 to $432. 9 million (KWD 134.5 million), marking a 15.5% increase from the $374.6 million (KWD 116.4 million) recorded in the same period in 2021.
During the third quarter of the year, operating revenue grew by 18.6% to $155.1 million (KWD 48.2 million). Basic and diluted earnings per ABK share increased by 50% to $38.62 (KWD 12) from $25.75 (KWD 8) in the first nine months of 2022. In August, ABK achieved a 22% growth to $60 million (KWD 18.4 million) in net profits in the first half of 2022, compared to the $49 million (KWD15.1 million) in the previous corresponding period.
