Mubasher: Ahli United Bank – Kuwait (AUB) on Thursday reported a 5.1% increase in its profits for the first quarter of 2018.

Net profit stood at KWD 16.82 million ($56.05 million) in Q1-18, compared to KWD 16 million ($53.32 million) for Q1-17, the lender said in a filing to Boursa Kuwait.

The bank attributed the increase in quarterly profits to its operations, according to the filing.

AUB had previously posted a 10.2% year-on-year increase in profits for the full-year 2017 to reach KWD 44.46 million, versus KWD 40.35 million a year earlier.

Earlier this month, the bank’s board of directors has recommended the distribution of cash dividends at 13% of the company’s capital, or 13 fils per share, in addition to the distribution of 5% bonus shares.