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Ahli United Bank posts profit of $201 million.

MANAMA: Ahli United Bank (AUB) posted a net profit of $201.1 million for the first nine months of the year, a 10 per cent increase over the same period in 2009.

In the third quarter, the bank made a profit of $65.2m, a 62.4pc improvement over the same period in 2009.

The positive results were attributable to a higher net interest income of $370.2m.

The basic and dilutive earnings per ordinary share for the nine-month period was 4.1 cents, up from 3.8 cents last time.

The group's return on average equity was 12.1pc compared to the ratio of 11.8pc last time.

The bank's cost to income ratio was contained at 34.7pc in line with 34.2pc.

As of September 30, the group's total assets stood at $25.4 billion, an increase of 7.8pc over the year end, with the loans and advances portfolio registering an increase of 8.8pc to $14.5bn through a prudent cash flow driven credit growth, while maintaining asset quality.

This credit expansion was supported by a 10.2pc increase in customers' deposits to $14.6bn.

"Our results demonstrate AUB's ability to deliver sustainable core earnings on a consistent basis through its diversified strategic investments across the Gulf and Middle East and North Africa region," said chairman Fahad Al Rajaan.

"Growth was achieved across all our business segments arising from our robust risk management strategy, tight cost containment measures and realisation of group business and marketing synergies.

"We are also encouraged by the re-affirmation of AUB credit ratings as A- (Stable) by S&P and A (Stable) by Capital Intelligence.

"These ratings bear testament to AUB's strong underlying business fundamentals realised through effective and focused execution of its well defined strategies within a prudent and acceptable risk management framework."

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Publication:Gulf Daily News (Manama, Bahrain)
Article Type:Financial report
Geographic Code:7BAHR
Date:Oct 21, 2010
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