Kuwait – Mubasher: Ahli United Bank Kuwait announced Wednesday that its net profit fell by 55% to KWD 3.7 million in the fourth quarter of 2015, compared with KWD 8.3 million in the same period a year earlier.
The bank’s FY15 net profits amounted to KWD 42.8 million, down 9% year-on-year from KWD 47 million.
A total of KWD 8 million worth of exceptional provisions were set aside in 2015 to hedge against market volatility following the slump in crude prices, the bank said in a statement.
The lender’s operating profits from main activities amounted to KWD 77.7 million in 2015, up 12.9% from KWD 68.8 million in 2014.
AUBK’s assets rose to KWD 3.9 billion at the end of 2015, compared with KWD 3.6 billion at 2014-end, thanks to the KWD 200 million rise in financing portfolio to KWD 2.680 billion at the end of 2015, said Chairman Anwar Al-Mudhaf.
