Mubasher: Al Ahli Bank of Kuwait (ABK) reported a 23.6% year-on-year growth in profits during the first quarter of 2019.

ABK’s profits amounted to KWD 12.4 million ($40.84 million) during Q1-19, up from KWD 10.04 million ($33.06 million) in Q1-18, according to a statement to Boursa Kuwait on Wednesday.

The Kuwaiti lender attributed the rise in Q1-19 profits to an increase in operating income generated from main activities.

During the full-year 2018, the bank’s profits went up 18.1% to KWD 42.12 million against KWD 35.66 million a year ago.

In March, ABK’s shareholders approved the board of directors’ proposal for distributing 14 fils per share as cash dividends for the full fiscal year 2018.