Mubasher: Ahli United Bank's (AUB) net profits attributed to shareholders increased by 4.7% on an annual basis over the fiscal year ended on 31 December 2019 to stand at $730.5 million from $697.5 million.   

Earnings per share (EPS) totalled 7.9 cents last year, up by 3.9% annually from 7.6 cents, according to a statement to Bahrain Bourse (BHB) on Sunday.

In the fourth quarter (Q4) of 2019, the profits amounted to $172.1 million, 1.7% higher than $169.3 million in the corresponding quarter in 2018.     

The 2019 increasing profits are attributed to “the sustained benefits arising from AUB’s diversified business model, robust risk management framework, and judicious business-driven operating culture centred on maximizing prudent and sustainable returns within a disciplined intelligent spend cost culture,” the statement revealed.

Moreover, AUB’s board recommended a cash dividend distribution of 5 cents per share for 2019, in addition to a bonus share distribution representing 10% of the capital.  

In the January to September 2019 period, the bank’s profit increased by 6.1% annually to KWD 169.932 million, compared to KWD 160.133 million during the corresponding period in 2018.

AUB Bahrain is a dually listed bank on Boursa Kuwait and BHB.