Mubasher: Al Ahli Bank of Kuwait (ABK) said that during fiscal year 2017, it has maintained its business plan as well as boosting its financial position by investing in new promising opportunities in different markets, especially in Egypt.

In FY17, the lender has created additional provisions worth KWD 58 million compared with KWD 52.4 million in the prior year, the chairman of ABK, Talal Behbehani, said in a recent statement.

ABK’s non-performing loans (NPLs) decreased to 1.67% in FY17, while it was covered to 400%, Behbehani added.

The chairman said that the bank’s capital adequacy ratio (CAR) accounted for 17.23% in FY17.

ABK succeeded in diversifying its financing sources by issuing bonds worth $500 million in FY17, Behbehani noted.

The bank has raised its assets by 40%, in addition to increasing credit facility portfolio by 52%, in addition to registering higher deposits by 46%.

Earlier on Tuesday, ABK announced a growth of 9.8% in profits to KWD 35.66 million in FY17 compared to KWD 32.47 million.