AUB Kuwait's profits rise 7.3% in 2019; dividends proposed

The profits of Ahli United Bank – Kuwait (AUB Kuwait) increased by 7.3% on an annual basis

Mubasher: The profits of Ahli United Bank – Kuwait (AUB Kuwait) increased by 7.3% on an annual basis during the fiscal year ended 31 December 2019, driven by higher business growth.

The bank achieved profits worth KWD 55.02 million ($180.75 million) last year, up from KWD 51.26 million ($168.39 million) in 2018, according to a recent bourse statement.

Over the fourth quarter (Q4) of last year, the bank logged KWD 9.8 million worth of profits when compared to KWD 8.2 million in fiscal year 2018, down by 18.9% on an annual basis.

Moreover, the bank’s board recommended the distribution of KWD 27.86 million as cash dividends for 2019, equivalent to 15% of the share’s nominal value or 15 fils per share, in addition to the distribution of bonus shares amounting to KWD 10.31 million that represents 5% of the capital or five shares for every 100 shares.

It is worth pinpointing that in the first nine-month period of 2019, AUB Kuwait’s profits soared by 5.1% to KWD 45.24 million from KWD 43.03 million in the corresponding period in 2018.

Source: Mubasher

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