The financial statements of Al-Ahli United Bank of Kuwait showed that the bank's profits in the first nine months of this year fell by 48.9% on an annual basis.
According to the bank's results for the Kuwaiti Stock Exchange, today, Sunday, profits for the period amounted to 23.11 million dinars, compared to profits of 45.24 million dinars for the first nine months of 2019. >
The bank said in a statement to the Stock Exchange that the decline in profits during the comparison periods is mainly due to 3 factors. In revenue and increasing operating expenses to take the required actions.
The second factor is the decrease in the discount rate to reduce the burden on customers and support the economy, which led to a decrease in net financing income. And third and finally, the calculation of precautionary allocations for some sectors that have been affected by the repercussions of the spread of the Coronavirus (Covid 19).
The total operating income of the bank in the first nine months of this year was about 68.41 million dinars, compared to 80.67 million dinars for the same period in 2019, a decrease of 15.2%.
At the level of the third quarter of 2020, the bank achieved profits of 5.43 million dinars, compared to 14.48 million dinars for the same period last year, a decrease of 62.5%.
The total equity of the bank's shareholders decreased by 2.3% to reach 437.19 million dinars for the period ending September 30, 2020, compared to 447.50 million dinars for the same period of Previous year.
The profits of Al-Mutahid fell 42.5% in the first half of the current year, to reach 17.68 million dinars, compared to 30.76 million dinars profits for the same period in 2019. >
