June 24, 2021

Al-Mutahid’s profits were 11.1 million dinars in the first quarter


Anwar Al-Mudhaf: Financial indicators show that the “united” continues to challenge “Corona” with an optimistic vision

We rely on a deliberate, flexible business plan, solid financial foundations, and a prudent crisis management strategy

Jihad Al-Humaidhi: We ended the first quarter of 2021 with growth in all business sectors with tight control of operating expenses

We adhered to caution for the continuing challenges posed by Coronavirus, and took the necessary steps to enhance allocations

Ahli United Bank announced its financial results for the three months ending March 31, 2021, achieving a net profit of 11.1 million dinars, compared to 15.3 million dinars in the first quarter of 2020.

The decrease is due to additional provisions being calculated during the first quarter of 2021, while the first quarter of 2020 results included one-off capital gains resulting from the sale of securities.

The bank achieved operating profits in the first quarter of 2021 amounting to 24.6 million dinars, while the equity of the bank’s shareholders increased 2.5 percent to 453.7 million dinars on March 31, 2021, up from its level of 442.6 million dinars in December 2020.

The bank maintained good capital adequacy ratios at a rate of 15.7 percent by March 31, 2021, which exceeds the level required by regulators, and increases the chances of future expansion in terms of credit facilities and operations.

The bank achieved a return on equity and assets of 9.9 and 1 percent, respectively, on March 31, 2021, while the earnings per share reached 5.7 fils per share on March 31, 2021, compared to 7.9 fils on March 31, 2020.

The bank’s chairman, Dr. Anwar Ali Al-Mudhaf, stated that the financial indicators show that the “United” continues its journey of challenge in the face of the repercussions of “Corona” with an optimistic vision, relying on a well-thought-out plan of action to manage this crisis, while dealing with any potential variables in light of the continuation of The effects of the pandemic worldwide.

He expressed optimism that “The United” succeeded in completing the first quarter of 2021 with a strong budget, and that he was able to achieve growth in profits compared to the last quarter of 2020, thanks to our flexible work strategy, and the solid financial foundations and prudent strategy on which it is based.

Al-Mudhaf stressed that the exceptional efforts of various state institutions to vaccinate against the Coronavirus increase optimism and hope that economic activities will soon return to work at full capacity and the return of normal life.

Realistic basis

Al-Mudhaf pointed out that the bank’s keenness to set aside more precautionary allocations came to support the financial position, indicating that the continuation of the conservative approach to risk management does not contradict the optimistic view of the “Mutahed”, but rather adds to it a realistic basis of work and perseverance.

Al-Mudhaf stressed the bank’s commitment to implementing solid governance rules and its continued efforts to support various segments of society, in light of these circumstances, through its ambitious program for social responsibility.

He thanked the bank’s shareholders for the support and assistance they provided in light of these exceptional circumstances, and the customers for their constant loyalty, confidence and interaction with the new services offered by the “United” that are more appropriate to life variables, especially digital banking services, with their ability and flexibility to meet their needs and aspirations.

Al-Mudhaf expressed his thanks and appreciation to the bank’s employees for their sincerity and dedication to work during these unfavorable circumstances, stressing the “Mutahed” pride in his human wealth, which he considers the main pillar for its continued success and progress.

Accelerate digital transformation

“We ended the first quarter of 2021 with growth in all business sectors, with tight control of operating expenses, and we adhered to caution due to the continuing challenges imposed by the current situation due to Corona, and we took the necessary and necessary steps, including strengthening allocations,” said the bank’s acting chief executive, Jihad Al-Humaidhi. With all these factors, the company achieved a net profit of 11.1 million dinars.

Al-Humaidhi clarified that the “United” concentrates its efforts to accelerate the process of digital transformation, as a strategic option that is not an alternative, to ensure the continuation of the best services to its customers in light of the pandemic conditions and the requirements of social distancing, and what it imposed on the necessity to provide services to customers, using technological and digital means, and considering it the future of banking services. The world is heading to it in light of the digital banking revolution, with its unmatched added value for customers in flexibility, convenience, and saving time and effort.

She added that «the United» is still working on developing its branches and equipping them with the best amenities to receive clients, with a commitment to apply the necessary precautionary measures to protect its employees and customers, expressing her thanks and gratitude to the management and employees for the cooperation and sincerity they have shown to face the challenges caused by Corona.

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