Board recommends distribution of 5% bonus shares
KUWAIT CITY, Feb 11: Al Ahli Bank of Kuwait (ABK) announced its financial results for the year ended 2020. The Total Operating Income was KD 141.5 Million, an 18 percent drop compared to the same period in 2019.
The COVID-19 pandemic has greatly disrupted the business of global and local companies and led to almost a halt in commercial and economic activities locally and internationally, causing massive effects on social, commercial and economic levels.
As a result of the Board of Directors’ resolution to take prudent and proactive measures to mitigate potential credit losses resulting from some customers affected by the economic crisis caused by the Coronavirus pandemic, and especially taking into account that the pandemic has not yet ended, and still represents risks to business continuity, the Bank has conservatively taken provisions amounting to KD 136.5 Million, resulting in a Net Loss of KD 69.7 Million for the year en