Mubasher: Ahli United Bank – Kuwait (AUB Kuwait) posted a surge of 262.3% in profits during the fourth quarter of 2017 compared to the same period a year ago.

Earnings increased to KWD 4.42 million ($14.77 million) in Q4-17 from KWD 1.22 million ($4.08 million) in Q4-16, according to a bourse statement on Thursday.

During the 2017 fiscal year, the lender's profits increased by 10.2% to KWD 44.46 million compared to KWD 40.35 million in the prior fiscal year.

The growth in FY17 profits is attributed to higher operating business, the statement noted.

AUB Kuwait’s board members recommended a cash dividend of 13% in profits or 13 fils per share for FY17, in addition to distributing 5% bonus shares or 5-for-100 shares.

Early on Thursday, AUB Kuwait’s stock went up 2.35% to 331 fils.