ALMUTAHED`R
Mubasher: Ahli United Bank – Kuwait (AUB Kuwait) reported a 4.3% year-on-year rise in profits during the first quarter of 2019.
AUB Kuwait’s profits reached KWD 17.55 million ($57.86 million) in Q1-19, up from KWD 16.82 million ($55.45 million) during Q1-18, according to a statement to Boursa Kuwait on Thursday.
The lender attributed the rise in Q1-19 profits to a 5.4% growth in operating income to KWD 21.69 million from January to March 2019, against KWD 20.58 million during the prior-year period.
By the end of March, the bank’s shareholders approved the board’s recommendation to distribute 15% cash dividends and 5% bonus shares for the full fiscal year 2018.
In 2018, AUB Kuwait’s profits levelled up 15.3%, logging KWD 51.26 million, compared to KWD 44.46 million a year ago.