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AUB Kuwait logs 3% higher profits in Q3-19

AUB Kuwait logs 3% higher profits in Q3-19
The profits totalled KWD 14.48 million in Q3-19
ALMUTAHED
ALMUTAHED
-0.32% 312.00 -1.00
AUB
AUB
-1.15% 0.86 -0.01

By: Mohamed Farouk

Mubasher: The financial statements of Ahli United Bank – Kuwait (AUB Kuwait) indicated a 2.9% year-on-year increase in profits during the third quarter of 2019.

The profits totalled KWD 14.48 million ($47.86 million) in Q3-19, compared to KWD 14.07 million ($46.51 million) in the corresponding period in 2018, according to a bourse filing on Tuesday.

During the first nine-month period of 2019, the bank’s profits soared by 5.1% to KWD 45.24 million from KWD 43.03 million in the corresponding period in 2018.

The bank ascribed the rise in profit rise to higher operating activities.

Year-on-year, the bank registered operating revenues worth KWD 80.67 million during the period from January to September 2019, 12.6% lower than KWD 92.31 million.  

Operating profits retreated by 51.1% year-on-year to KWD 51.09 million during the January-September period when compared to KWD 65.04 million.   

It is worth noting that over the first half of 2019, the bank registered 6.2% higher profits at KWD 30.76 million, compared to KWD 28.96 million in the corresponding period in 2018.  

Ahli United Bank (AUB) is a dually-listed bank on Bahrain Bourse (BHB) and Boursa Kuwait. 

Translated by: Amal A. Wahaab