Al Tijari declared Net Profit of KD 22.2 million for Q1 2022
Commercial Bank of Kuwait announced a net profit of KD 22.2 million for the quarter ended 31 March 2022. Significant growth in net profit by KD 22.2 million during current quarter was mainly attributed to relatively improved business environment resulted in loan loss recovery and lower provision charge than comparatives of last year.
|
Financial highlights
|
Q1 2022 |
Q1 2021 |
Change % |
|
Net profits attributable to Shareholder of the Bank (KD Million)
|
22.2 |
0.0 |
- |
|
Operating profits before provision (KD Million)
|
19.9 |
21.7 |
-8.3% |
|
Fee and Commission Income (KD Million)
|
9.7 |
9.2 |
5.4% |
|
Net gain in dealing of foreign currency (KD Million)
|
1.8 |
1.4 |
28.6% |
|
Customer Loans and advances (KD Billion)
|
2.3 |
2.3 |
- |
|
Total Assets (KD Billion)
|
4.2 |
4.3 |
-2.3% |
Robust regulatory ratios comfortably exceeded the Central Bank’s statutory requirement, Capital Adequacy Ratio 19.0% against regulatory requirement of 12.0%. The available capital buffer is the core strength of the Bank, available for any potential growth in our loan portfolio in line with our strategic plan. Similarly, Liquidity Coverage Ratio 128.5%, Net Stable Funding Ratio 106.3% and Leverage ratio 12.3%, all are well above the Central Bank’s statutory requirements.
Sheikh Ahmad Duaij Al Sabah, the Bank’s Chairman, is pleased to present the Bank’s results for the quarter that are much better than similar period last year, due to the factors attributed growth in fees and commission income, FX income and significant loan loss recovery on the back of drop in loan loss impairment. Further on positive note, Fitch Ratings has upgraded the Bank’s Viability Rating (VR) from bb to bb+, mainly driven because of Bank’s improved assets quality, strong capitalisation, stable funding and sound liquidity.
Sheikh Ahmad further said that the Bank continue with success its digital transformation journey by enhancing its digital platforms and adding new services to customer. Equipped with the latest technology and digital services, the Bank has opened its new branch located in the heart of Kuwait city, Fahad Al Salem Street.
On economic outlook, Sheikh Ahmad is optimistic on business growth this year on account of various improved factors like, accelerate in Business confidence, increase in oil price, ease in pandemic led restrictions, stable system liquidity led by Central Bank Discount Rate hike. Al-Tijari will remain proactive for any potential business opportunities.
Sheikh Ahmad concluded by extending his deep thanks and appreciation to the Central Bank of Kuwait and other regulatory authorities for their supervision and support to the banking sector. . He also appreciates the Bank’s Executive Management and all staff for their dedication and rigorous efforts to make Al-Tijari as Bank of Choice.
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