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AUB profits up 54%.

Bahrain-based Ahli United Bank (AUB) 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 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) 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 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 Corporation announced a profit of $129m for 2005 and recommended a cash dividend of 7%.
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Title Annotation:Ahli United Bank
Publication:The Middle East
Article Type:Brief article
Geographic Code:7BAHR
Date:Apr 1, 2006
Words:169
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