The financial statements of Al Ahli United Bank of Kuwait showed that the bank’s profits fell in the past year by 46% on an annual basis.
According to the bank's results for the Kuwaiti Stock Exchange, today, Monday, last year's profits amounted to 29.73 million dinars, compared to 2019 profits of 55.02 million dinars.
The bank said in a statement to the stock exchange that the decline in profits during the comparative years is due to the temporary variation in net financing income as a result of changes in the discount rate.
The bank also attributed the decline in profits to the calculation of additional precautionary allocations as a precaution to check for any possible effects from the consequences of the spread of the new Corona virus (Covid 19).
and the United achieved profits of 6.62 million dinars in the fourth quarter of last year, compared to the profits of the same period in 2019 of 9.78 million dinars, a decrease of 32.3%. / p>
and the total operating income of the bank last year decreased by 15.4%, to reach 90.71 million dinars, compared to 107.21 million dinars in the same period in 2019.
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The bank’s board of directors recommended that free bonus shares be distributed to shareholders due for the past year, at a rate of 10% of the issued and paid up capital of 10 shares for every 100 shares. < / p>
The bank’s profits fell 48.9% in the first nine months of last year, to reach 23.11 million dinars, compared to 45.24 million dinars for the same period in 2019.
