AUB profits up 54%.Bahrain-based Ahli United Bank (AUB AUB Auburn (University)
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AUB Ahli United Bank ) has announced a net profit of $164.9m for the year ended 31 December 2005, an increase of 54.8% over the previous year. Its total operating income Operating Income
The profit realized from a business' own operations.
This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased by 47.7% to $358.9m from $243m in 2004.
The bank, in keeping with its strategy, continued to expand both through organic growth and mergers and acquisitions. During 2005 it acquired a 27% voting stake in the Bank of Kuwait and the Middle East (BKME BKME Bank of Kuwait and Middle East ) and entered the Iraqi market through its acquisition of a 49% stake in Commercial Bank of Iraq, one of the largest private banks in the country.
"Through the acquisitions in Kuwait and Iraq, AUB demonstrated its continuing commitment to solidify so·lid·i·fy
v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies
1. To make solid, compact, or hard.
2. To make strong or united.
v.intr. new growth opportunities, in an effort to offer a comprehensive range of services to a wider customer base in the Gulf region and beyond," said Fahad Al Rajaan, chairman of AUB.
Meanwhile, Arab Banking Arab Banking Corporation was incorporated as a Bahrain joint stock company on January 17, 1980 through a special decree by the Amir of Bahrain. It obtained an offshore banking unit licence from the Bahrain Monetary Agency on April 7, 1980, and began operations in the same month. Corporation announced a profit of $129m for 2005 and recommended a cash dividend of 7%.