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Al Ahli Bank of Kuwait reports financial results for 2020 - ARAB TIMES

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 ....

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Kuwait: 1,588 work permits cancelled in three days

Dubai: Kuwait’s Public Authority For Manpower has cancelled 1,588 expat work permits in three days from January 25 to 27, local media reported.
According to the authority, the recently cancelled work permits were due to four main reasons - expats cancelling their work permits and leaving permanently, expats outside the country unable to renew residence permits, revocation of work permit due to death of worker, and permits being cancelled and transferred to family visa.
About 30 per cent of total work permits cancelled were of those leaving the country permanently, Al Rai Daily reported. ....

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