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ABK’s profit down to KWD 29m in 2019; dividends proposed

ABK’s profit down to KWD 29m in 2019; dividends proposed
Earnings per share (EPS) recorded 14 fils last year
ABK
ABK
1.19% 170.00 2.00

Mubasher: Al Ahli Bank of Kuwait (ABK) recorded KWD 28.7 million during the fiscal year ended on 31 December 2019, down by 32% from KWD 42.12 million in 2018.

Earnings per share (EPS) totalled 14 fils last year, according to a press release on Tuesday.

Operating revenue and operating profit increased by 2% to stand at KWD 172.5 million and KWD 105.5 million, respectively.  

Moreover, the bank’s board of directors recommended a cash dividend distribution of seven fils per share or 7% of the share’s nominal value for 2019, representing 50% of 2018’s distributions.

The bank was able to maintain good performance level and register higher revenues over the last year, the bank’s chairman, Talal Behbehani, said.  

He further attributed the lower profit to ABK’s strict policy and decision regarding the write-off of old and fully-guaranteed bad loans as well as setting aside additional provisions. 

In addition, he referred to ABK Egypt’s outstanding results in 2019, as operating revenue and net profit soared by 40% and 52%, respectively. He further highlighted the improvement of ABK UAE's performance amid higher revenues and profits. 

It is noteworthy that during the first nine months of 2019, net profits of ABK amounted to KWD 15.428 million, 43% down from KWD 27.058 million a year earlier.