Kuwait’s Ahli Bank’s Profit Surges 45%

KUWAIT, 17 July 2005 — Al-Ahli Bank of Kuwait yesterday reported a 45 percent rise in first half net, capping a firm reporting season for the sector in the Gulf Arab state enjoying record liquidity levels from high oil prices. Al-Ahli Bank, a mid-tier player among Kuwait’s six commercial banks, said net profit rose to a record 19.1 million dinars ($65.3 million) from 13.2 million dinars in the first six months of 2004. Ahli Bank said earnings per share rose to 21 fils from 15 fils. For the second quarter, the bank said its net earnings rose to 9.8 million dinars from 6.43 million dinars with per share earnings moving up to 11 fils from 7 fils.