AUB announces KD 23.1 mln net profits in 1st nine months of 2020

— Ahli United Bank (AUB) announced a KD 23.1 million (about USD 76.2 million) net profits in the first nine months of 2020, a decrease of 48.9 percent from the same period in 2019.

In a statement Sunday, the bank affirmed expanding financing activities, provide full support to business sectors, and affected customers, with the application of the modified low discount rates, which came within a package of government incentives to support the business to serve the interest of clients and help in overcoming the COVID-19 crisis.

The total assets grew at the end of the third quarter to about KD 4.1 billion (USD 13.5 billion), up by 4.6 percent over the same period last year, and the financing portfolio also grew to reach KD 3.1 billion (USD 10.2 billion), with an increase of 5.8 in Percent, it added.

It also noted that despite the increasing state of optimism with the gradual economic activities return, the bank has restricted precautionary allocations with the aim of maintaining good levels of the quality of the bank’s assets and forming strong buffers to increase the ability to face any future repercussions that may result from COVID-19 pandemic.

Source: Kuwait News Agency