Ahli United Bank posts USD 36.6 mln net profits in Q1 of “21”

– The Ahli United Bank on Monday declared KD 11.1 million (about USD 36.6 million) in net profits in the first quarter of 2021 compared with KD 15.3 million (about USD 50.4 million) in the same period in 2020.

In a statement, the bank attributed the drop in profits to additional provisions during the first quarter and that the results of the first quarter of 2020 included one-off capital gains resulting from the sale of securities.

It noted that the bank achieved a growth in operating profits in the first quarter of 2021 that hit KD 24.6 million (about USD 81 million) compared with KD 29 million (about USD 95.7 million) of operating revenue in the same period last year.

The equity of the bank’s shareholders increased by 2.5 percent reaching KD 453.7 million (about USD 1.5 billion) at the end of the first quarter compared with the end of last December.

Source: Kuwait News Agency