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Al Ahli Bank of Kuwait (“ABK”) Overview

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Al Ahli Bank of Kuwait (“ABK”) Overview 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 12x Section 4 Financial Performance 18x Section 5 Appendix 22 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”, the “Issuer” or “the Bank”) is a leading bank headquartered in Kuwait USD million(1) 2014 2015 2016 2017 CAGR 9M ‘17 9M’18 and regulated by the Central Bank of Kuwait (“CBK”) Net Loans & Advances 8,273 10,040 9,898 10,189 7.2% 10,148 10,302 Operates through three major segments: Total Assets 11,950 14,363 14,000 14,452 6.5% 14,233 15,265 Commercial banking Customer Deposits 6,620 8,225 9,475 9,739 13.7% 9,862 10,362 Retail banking Total Equity 1,907 1,831 1,816 1,895 (0.2%) 1,862 2,201 Total Operating Income 402 423 482 520 9.0% 380 418 Treasury and Investments Net Profit 128 100 106 118 (2.6%) 73 89 31 branches in Kuwait, 2 branches in the United Arab Emirates as well Non performing loans ratio (%) 2.5 2.3 2.6 1.7 - 2.3 2.0 as a wholly owned investment banking subsidiary in Kuwait and through Loans to Deposits ratio (%) 84.6 82.5 83.3 83.4 - 81.5 82.1 the acquisition of Piraeus Bank Egypt, now renamed as “ABK Egypt”, it Cost / income ratio 29.8 32.0 39.4 37.7 - 38.0 37.9 operates 39 full service branches in Egypt Return on average equity 6.8 5.5 5.8 6.3 - 5.3 6.3 DIFC Branch opened in April 2018 Tier 1 ratio (%) 22.7 16.0 16.5 16.0 - 15.6 17.7 Total Capital Adequacy ratio (%) 23.7 17.2 17.7 17.2 - 16.8 18.9 Ranked amongst the top 10 safest banks in the Middle East by Global Finance in 2017 and 2018 Ownership Structure (as at 31st December 2017) 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. Behbehani Investment Co. 9.1% Rating Agency Last affirmed Long Term Rating Outlook 49.7% (direct and indirect) Ali Murad Yousuf Behbehani 8.8% Aug 2018 A2 Stable Heirs of Mohamed Saleh Yousuf Behbehani 6.4% 6.4% Dec 2017 A+ Stable Others Note: KD/USD Rates for 2014, 2015, 2016, 2017, 9M’17 and 9M’18 respectively – 0.29280, 0.30350, 0.30605, 0.30180, 0.30215 and 0.30310 4 ABK Key Highlights Stable macro environment and solid banking system Strong Profitability & Sound asset quality • Kuwait represents one of the strongest macro profiles with solid fundamentals in the GCC, stable Aa2/AA rating • 23% Growth in Net Profit & 11% Growth in Operating • Stable banking sector with prudent regulatory Income environment • Total Assets reached KD 4.6 billion, up 6% from 2017 • Highly liquid banking system supported by government • Customer Deposits at KD 3.1billion , up 7% from 2017 spending, enabling healthy operating conditions • Low NPL ratio at 1.98% • Pre-provision income to average assets ratio at 2.3% • One of the highest NIM among conventional banks in Kuwait Stable funding base and good liquidity buffers Robust capitalization and Strong balance sheet • 79% of the total liabilities consist of customer deposits • Tier 1 ratio of 17.7% and CAR of 18.9% • Liquidity coverage ratio 334% & Net Stable Funding Ratio • In September the Bank issued a US$ 300 Million Tier 1 of 110.4% perpetual bond on the International Capital Markets, • Leverage of 11.6%, above the 3% required by the CBK which was oversubscribed with very strong interest from Basel III leverage ratio 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 All financials and ratio’s are as of 30th September 2018 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 12x Section 4 Financial Performance 18x Section 5 Appendix 22x 6 Overview of Kuwait Kuwait has the 5th largest oil reserves in the world at 101.5bn barrels which is more than 6% of the world’s total oil reserve Key Economic Indicators Population(1) 4.6 million Rating5 Outlook Nominal GDP (2017E) (3) USD 134.3 billion / KD 36.3 billion GDP per Capita (2018E) (2) USD 59,381 Oil Revenues (2017) (3) KD 15.2 billion AA Stable Oil Revenues as % of Real GDP (2017) (2,3) 41.8% th 5 largest in the world at 101.5bn barrels; AA Stable Oil Reserves (2017) (4) more than 6% of the world’s total oil reserve Public Debt/GDP (2017E) (5) 20.6% Aa2 Stable Sovereign Wealth Fund AUM (5) USD 592 billion FX and Gold Reserves (2017E) (5) USD 33.1 billion Stable Production, amongst the top 10 globally(4, 7) Current Account Balance (as a % of GDP) (2) 10.00% 1,087 1,068 1,078 1,046 1,043 987 5.00% 0.00% 2.9 2.9 3.0 2.9 3.0 2.7 0.43% 0.56% -5.00% -5.23% -10.00% 2012 2013 2014 2015 2016 2017 2016 2017 (P) 2018 (P) Total Crude Oil Production (millions bbl/annual) Kuwait Qatar UAE Saudi Arabia Average of Oil Exporting Countries Average Crude Oil production (millions bbl/day) Source: (1) Public Authority for Civil Information as of June 2018 (2) Central Bank of Kuwait, IMF estimates (World Economic Outlook Database, April 2018), Article IV Consultation January 2018 (estimate) (3) Kuwait Central Statistical Bureau (4) OPEC Annual Statistical Bulletin 2018 (5) Sovereign Wealth Fund Institute and Public Authority for Civil Information as of June 2017; CIA Factbook (6) Moody’s ratings are as of June 2018, S&P ratings are as of July 2018 and Fitch ratings are as of May 2018 (7) OPEC Monthly Oil Market Report January 2018 7 Overview of Kuwait Consistently high non-oil GDP growth reflects the resilience to volatility in global oil prices Substantial natural resource endowment(1) Fiscal Breakeven Oil price (USD /barrel)(2) Million bbls/ per capita 23.0 118.7 105.7 99.0 9.6 9.6 95.2 8.2 7.5 3.8 1.9 1.6 101.9 0.6 0.2 0.1 88.9 83.6 US 76.3 Iraq Iran UAE Libya Russia Kuwait Nigeria 94.0 Venezuela 96.6 Kazakhstan Saudi ArabiaSaudi 73.1 70.0 Supported by strong non-oil GDP growth(2) 64.7 68.0 61.7 % change 60.7 8.2 50.9 50.0 46.8 47.2 5.6 4.7 47.2 43.1 46.5 47.1 4.2 4.6 3.7 3.5 3.2 3.2 3.6 3.2 3.4 3.5 3.3 3.5 3.4 3.5 2.7 3.1 2.5 2.1 1.7 1.3 0.2 2015 2016 2017 Forecast 2018 2015 2016 2017F 2018F Kuwait UAE Saudi Arabia Qatar Bahrain Oman Kuwait Qatar UAE Saudi Arabia Oman Bahrain Source: (1) Proven crude oil reserves as per OPEC Statistical Bulletin 2018, Population numbers from IMF WEO (April 2018) (2) IMF, Regional Economic Outlook Middle East and Central Asia, October 2017 8 Overview of Kuwait Banking Sector Kuwaiti banking sector snapshot • The Kuwaiti banking sector comprises 23 banks, including six All banks conventional banks (including one specialised bank), five Shari’a- regulated by compliant local banks and branches of 12 international banks which the Central includes a non-Kuwaiti Islamic bank.
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