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Overview of Kuwait Banking Sector

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Overview of Kuwait Banking Sector 0 Disclaimer THE INFORMATION SET OUT IN THIS PRESENTATION AND PROVIDED IN THE DISCUSSION SUBSEQUENT THERETO DOES NOT CONSTITUTE AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES. IT IS SOLELY FOR USE AT AN INVESTOR PRESENTATION AND IS PROVIDED AS INFORMATION ONLY. THIS PRESENTATION DOES NOT CONTAIN ALL OF THE INFORMATION THAT IS MATERIAL TO AN INVESTOR. This presentation has been prepared by (and is the sole responsibility of) Al Ahli Bank of Kuwait K.S.C.P. (the “Bank”). The information herein may be amended and supplemented and may not as such be relied upon for the purposes of entering into any transaction. This presentation may not be reproduced (in whole or in part), distributed or transmitted to any other person without the Bank's prior written consent. The information in this presentation and the views reflected therein are those of the Bank and are subject to change without notice. All projections, valuations and statistical analyses are provided to assist the recipient in the evaluation of the matters described herein. They may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results and, to the extent that they are based on historical information, they should not be relied upon as an accurate prediction of future performance. These materials are not intended to provide the basis for any recommendation that any investor should subscribe for or purchase any securities. This presentation does not disclose all the risks and other significant issues related to an investment in any securities/transaction. Past performance is not indicative of future results. Al Ahli Bank of Kuwait is under no obligation to update or keep current the information contained herein. No person shall have any right of action against the Bank or any other person in relation to the accuracy or completeness of the information contained in this presentation. No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation, and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of the Bank. This presentation does not constitute an offer or an agreement, or a solicitation of an offer or an agreement, to enter into any transaction (including for the provision of any services). No assurance is given that any such transaction can or will be arranged or agreed. Certain statements in this presentation may constitute forward-looking statements. These statements reflect the Bank’s expectations and are subject to risks and uncertainties that may cause actual results to differ materially and may adversely affect the outcome and financial effects of the plans described herein. You are cautioned not to rely on such forward-looking statements. The Bank does not assume any obligation to update its view of such risks and uncertainties or to publicly announce the result of any revisions to the forward-looking statements made herein. 2 Table of Contents Page # Section 1 ABK Introduction & Key Highlights 4x Section 2 Kuwait Country and Banking Snapshot 7x Section 3 ABK Strategy and Business Overview 11x Section 4 Financial Performance 17x Section 5 Appendix 21 3 Al Ahli Bank of Kuwait (“ABK”) Overview Overview of Al Ahli Bank of Kuwait Consolidated IFRS Financials Established on 23rd May 1967, Al Ahli Bank of Kuwait K.S.C.P. (“ABK”, H1 H1 USD million(1) 2014 2015 2016 2017 2018 CAGR the “Issuer” or “the Bank”) is a leading bank headquartered in Kuwait 2019 2018 Net Loans & Advances 8,273 10,040 9,898 10,189 9,977 4.8% 10,387 10,237 and regulated by the Central Bank of Kuwait (“CBK”) Total Assets 11,950 14,363 14,000 14,452 14,995 5.8% 15,615 14,793 Operates through three major segments: Customer Deposits 6,620 8,225 9,475 9,739 10,267 11.6% 10,385 10,178 Commercial banking Total Equity 1,907 1,831 1,816 1,895 2,230 4.0% 2,252 1,881 Retail banking Total Operating Income 402 423 482 520 557 8.5% 287 277 Treasury and Investments Net Profit 128 100 106 118 139 2.0% 75 63 Non performing loans ratio (%) 2.5 2.3 2.6 1.7 1.8 1.96 1.76 31 branches in Kuwait, 2 branches in the United Arab Emirates as well Loans to Deposits ratio (%) 84.6 82.5 83.3 83.4 79.0 82.0 81.0 as a wholly owned investment banking subsidiary in Kuwait and through Cost / income ratio 29.8 32.0 39.4 37.7 38.6 38.4 38.4 the acquisition of Piraeus Bank Egypt, now renamed as “ABK - Egypt”, it Return on average equity 6.8 5.5 5.8 6.3 7.3 6.6 6.8 operates 42 full service branches in Egypt Tier 1 ratio (%) 22.7 16.0 16.5 16.0 17.9 17.5 15.1 Total Capital Adequacy ratio (%) 23.7 17.2 17.7 17.2 19.2 18.7 16.3 DIFC Branch opened in April 2018 Ranked amongst the top 10 safest banks in the Middle East by Global Ownership Structure (as at 31st December 2018) Finance in 2017 and 2018 Established by the Behbehani family, with approximately 37.5% Kuwait Investment Co. ownership (direct and indirect) 10.1% Behbehani Telecommunications Co. The Bank’s Credit Ratings 9.5% Wafra International Investments Co. 9.1% Behbehani Investment Co. Rating Agency Last affirmed Long Term Rating Outlook 49.8% (direct and indirect) Ali Murad Yousuf Behbehani 8.8% July 2019 A2 Stable Heirs of Mohamed Saleh Yousuf Behbehani 6.3% Oct 2018 A+ Stable 6.4% Others Note: KD/USD Rates for 2014, 2015, 2016, 2017 , 2018, Q2 2019 and Q2 2018 respectively – 0.2928, 0.3035, 0.3060, 0.3018, 0.3033, 0.3032 & 0.3028 4 ABK Key Highlights Stable macro environment & solid banking system Strong Profitability & sound asset quality • 18% Growth in Net Profit & 4% Growth in Operating • Kuwait represents one of the strongest macro profiles Income with solid fundamentals in the GCC, stable Aa2/AA rating • Total Assets reached KD 4.7 billion, up 4% from Dec • Stable banking sector with prudent regulatory 2018 environment • Customer Deposits at KD 3.1billion , up 1% from Dec • Highly liquid banking system supported by government 2018 spending, enabling healthy operating conditions • Low NPL ratio at 1.96% • Pre-provision income to average assets ratio at 2.3% • One of the highest NIM among conventional banks in Kuwait Stable funding base & good liquidity buffers Robust capitalization & strong balance sheet • 78% of the total liabilities consist of customer deposits • Tier 1 ratio of 17.5% & CAR of 18.73% • Liquidity coverage ratio 160% & Net Stable Funding Ratio • In September 2018 the Bank issued a US$ 300 Million of 107% Perpetual Tier 1 capital bond on the International Capital • Leverage of 12%, above the 3% required by the CBK Basel Markets, which was oversubscribed with very strong III leverage ratio interest from investors outside the MENA region Committed shareholder base and a well-experienced management team • Established in 1967 by the Behbehani family, ABK has retained the same core shareholder base since then • Has a strong and stable Board and a long-serving executive team with a proven track record in Kuwait 5 Agenda Page # Section 1 Introduction to ABK & Key Highlights 4x Section 2 Kuwait Country and Banking Snapshot 7x Section 3 ABK Strategy and Business Overview 11x Section 4 Financial Performance 17x Section 5 Appendix 21x 6 Overview of Kuwait Key Economic Indicators Population 4.4 million Rating Outlook Nominal GDP (2018E) USD 130 billion / KD 43 billion Oil Revenues (2018) USD 65.7 billion AA Stable Oil Revenues as % of GDP (2018) 46.6% th 5 largest in the world at 101.5bn barrels; AA Stable Oil Reserves (2018) more than 6% of the world’s total oil reserve Public Debt/GDP (2018) 15.4% Aa2 Stable Sovereign Wealth Fund AUM USD 592 billion Stable Production, amongst the top 10 globally Current Account Balance (USD billions) Kuwait 22.00 7.60 2.9 2.9 3.0 2.9 2.7 2.7 -5.10 2013 2014 2015 2016 2017 2018 2016 2017 (P) 2018 (P) Average Crude Oil production (millions bbl/day) Source: (1) Public Authority for Civil Information (2) Kuwait Central Statistical Bureau (3) Rating agencies (4) International Monetary fund (5) Sovereign Wealth Fund Institute 7 Overview of Kuwait Banking Sector Kuwaiti banking sector snapshot • The Kuwaiti banking sector comprises of 23 banks, including six All banks conventional banks ( one specialised bank), five Shari’a-compliant regulated by local banks and branches of 12 international banks which includes a the Central non-Kuwaiti Islamic bank. Bank of Kuwait • Highly regulated sector by the CBK with a number of regulations and 6 12 supervisory practices in place monitoring interest rates charged, Conventional foreign bank lending limits and concentrations, investment limits, liquidity and Banks branches capital adequacy. • The government’s financial strength underpins its capacity to provide support to the banking sector with historical evidence of 23 USD support. Most recently, in 2008, the State of Kuwait offered capital support to a bank as well as introduced a guarantee on customer 5 Banks 219bn(1) deposits under the Deposits Guarantee Law following the global local of banking financial crisis. Islamic Banks assets • Capital adequacy standards under the Basel III framework were (2) implemented by CBK In June 2014. The Tier I ratio and the total capital Stringent 100% adequacy ratio required by the CBK are 11% and 13% respectively Principal from December 31, 2016.
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