- Al-Duaij: Al-Tijari continues its successful digital transformation journey to provide high quality banking services to its customers
- 4.2 billion dinars, the bank’s total assets, and 2.3 billion loans and advances by the end of March 2022
The Commercial Bank of Kuwait announced that it recorded a net profit of 22.2 million dinars for the first quarter ended 31 March 2022. The noticeable increase in net profit during the current period is mainly due to the relative improvement in the business environment and the consequent recovery of some previous loan losses and the decrease in provisions compared to the same period last year.
The bank said in a press release that the key financial indicators for the period ending 31 March 2022 were as follows: Net profit increased to 22.2 million dinars for the period ending 31 March 2022, compared to a net profit of (zero) dinars for the same period in 2021, and the operating profit decreased before provisions by 8.3% to reach 19.9 million dinars for the period ending 31 March 2022, compared to 21.7 million dinars for the same period in 2021, and revenue from fees and commissions increased by 5.4% to 9.7 million dinars for the period ending March 31, 2022, compared to 9.2 million dinars for the same period in 2021.
The bank stated that the net profit from foreign exchange operations increased by 28.6% to 1.8 million dinars for the period ending March 31, 2022, compared to 1.4 million dinars for the same period in 2021, and loans and advances amounted to 2.3 billion. dinars for the period ending 31 March 2022, unchanged from The amount recorded for the same period in 2021, and total assets decreased by 2.3% to reach 4.2 billion dinars for the period ending 31 March 2022 ends, compared to 4.3 billion dinars for the same period in 2021.
He pointed out that the regulatory ratios for the quarterly period ending 31 March 2022 were strong and good, comfortably exceeding the regulatory requirements set by the Central Bank of Kuwait.
As the capital adequacy ratio reached 19.0% compared to the established regulatory ratio of 12.0%, and the capital buffers available at our bank represent a factor and the main source of power for the bank and are used responsibly to bring about growth in the loan portfolio in in line with our bank’s growth strategy.
The liquidity coverage ratio was 128.5%, the net stable financing ratio was 106.3%, and the financial leverage ratio was 12.3%. These ratios comfortably exceed the minimum ratios set by the regulatory authorities represented by the Central Bank of Kuwait.
Commenting on the financial results of the bank, the Chairman of the Board of the Commercial Bank of Kuwait Sheikh Ahmad Duaij Al-Sabah expressed his congratulations on the results achieved by the bank during the period, which were much better than the results of the corresponding period last year, due to various factors represented in the growth of income from fees and commissions and income from foreign exchange operations and the recovery of a large part of the losses of previous loans, as well as the significant decrease in provisions for impairment in the value of loans. Among the positive performance indicators, Sheikh Ahmed Al-Sabah indicated that Fitch Ratings increased the bank’s rating in terms of growth potential and sustainability from (bb) to (bb +) due to the improvement in asset quality, sound capital, stable funding and the reliability of the bank’s liquidity position.
Sheikh Ahmed Al-Sabah went on to note that Commercial Bank continues its successful digital transformation journey to provide high quality banking services to its customers by developing its operations and providing further improvements to the services available through the bank’s digital platforms , while providing excellent services. in branches, note that the bank made during the quarterly period The previous year, by adding a new branch equipped with the latest advanced banking devices in the heart of Kuwait City, specifically on Fahd Al-Salem Street.
In terms of economic prospects, he expressed his optimism about business growth this year in the light of many positive factors, such as increasing confidence in business and activities, rising oil prices, the easing of constraints imposed by the pandemic conditions, and the stabilization of the liquidity system against the background of the Central Bank of Kuwait increasing the discount rate Emphasizes that the Handelsbank proactively seizes any potential opportunities to increase the volume of its business and credit portfolio in a thoughtful manner.
Sheikh Ahmed Al-Sabah concluded his speech by thanking the Central Bank of Kuwait and other regulatory authorities in Kuwait, as well as the bank’s executive management and all employees for their commitment to work so that Al-Tijari always remains the preferred choice for customers .
And the bank announces the winners of the “Al-Najma” draws
The Handelsbank made two weekly withdrawals (for the past and present weeks) and its monthly withdrawals to Al-Najma account The withdrawals were made at the main bank building yesterday in the presence of the representative of the Ministry of Trade and Industry Abdulaziz Ashkanani.
The bank covered the draws directly through social media, where it announced that Hani Abdullah Al-Sarraf won a cash prize of 20 thousand dinars in the monthly Al-Najma account draw, and Pervez Muhammad Reda Zamani won a cash prize of 5 000 dinars in the Al-Najma account draw for the current week, and Hind won Ali Al-Shammari, with a cash prize of 5 thousand dinars, in the tail draw for the past week.
It is noteworthy that the “Al-Najma Account” prices are distinguished by the size of the prize amounts offered, in addition to their diversity throughout the year, which includes weekly draws of 5,000 dinars and monthly draws of 20,000 dinars, in addition to ‘ a semi-annual prize of 500,000 dinars, and last year’s draw for the biggest prize Cash linked to a bank account in the world worth 1.5 million dinars.
As for the mechanism to open the Al-Najma account and qualify to participate in the draws, it is known that the account can only be opened by depositing 500 dinars, and the account must have an amount of ten have at least 500 dinars to qualify and all the draws for all the prizes offered by the account, the higher the customer’s balance, the greater the chance of winning, In addition to the additional benefits that the account offers, the customer gets a debit card and can obtain a credit card with the guarantee. of the account, as well as the acquisition of all banking services from the Handelsbank.