KUWAIT: Ahli United Bank K.S.C.P. (“AUB”) has announced a net profit of KD 44.5 million (2016: KD 40.3 million) for 2017. This was a net growth of 10.4 percent derived by strengthening the core earnings of the Bank and achieving a net finance income growth of 18 percent.

The Bank achieved a growth in total operating income of 8.1 percent to reach KD 120.1 million at the end of 2017 (KD 111.1 million in 2016). The equity attributable to shareholders increased by 5.7 percent reaching KD 406.9 million, up from shareholder’s equity of KD 385.1 million recorded at the end of 2016. Net operating income increased by 5.8 percent reaching KD 81.7 million as compared with KD 77.2 million for 2016. The Bank posted a return on equity and a return on assets of 11.4 percent and 1.2 percent respectively at the end of 2017. Earnings per share has increased from 24 fils in 2016 to 24.4 fils per share at the end of 2017.

Total assets, total customer deposits and net finance receivables stood at KD 3,666 million, KD 2,426 million and KD 2,673 million respectively at the end of 2017. The Bank has announced that it will recommend a cash dividend of 13 percent and 5 percent bonus shares for the approval of the Bank’s forthcoming General Assembly.