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RIYADH: Al Ahli Bank of Kuwait swung into profit by the end of 2021, recording over 27 million Kuwaiti dinars ($89 million), Kuwait News Agency reported.
The bank did so from a net loss of 69.7 million Kuwaiti dinars during the same period in 2020.
This has been attributed to improved operating income and lower provisioning costs.
International operations in Egypt and the UAE contributed significantly in achieving this financial performance, Kuna reported, citing the bank’s chairman, Talal Behbehani.
The board of directors has recommended cash dividends distribution of 5 fils per share and 5 percent bonus shares for 2021.