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AUB Kuwait records KWD 51m profits in FY18 – Updated

AUB Kuwait records KWD 51m profits in FY18 – Updated
AUB Kuwait's profits grew by 15.3% in FY18
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Mubasher: Ahli United Bank – Kuwait (AUB Kuwait) achieved an increase of 15.3% in profits during fiscal year 2018 compared to the prior year, according to a bourse statement on Tuesday.

Profits grew to KWD 51.26 million ($169.07 million) in FY18 from KWD 44.46 million ($146.64 million) in FY17.

AUB Kuwait registered a rise of 3.3% in operating income to KWD 84.38 million in FY18 compared to KWD 81.69 million in FY17.

During the fourth quarter of 2018, the bank posted a surge of 86.2% in earnings to KWD 8.23 million from KWD 4.42 million in the same period last year.

The board members of AUB Kuwait have recommended 20% of capital as both cash dividends and bonus shares.

The board proposed 15% or 15 fils per share as cash dividends for FY18 at a total value of KWD 26.53 million.

Additionally, the board recommended distributing 5% of capital as bonus shares or 5-for-100 shares at a value estimated at KWD 9.82 million. Therefore, AUB Kuwait’s capital will increase to KWD 206.27 million from KWD 196.45 million.