Ahli United Bank posts quarterly gains
Ahli United Bank (AUB) has announced a net profit of $33.2 million for the quarter ended on March 31, 2004, an increase of 41 per cent over the same period in 2003 ($23.5 million).
Gross operating income to March 31, 2004 was $ 57.0 million (2003 - $ 46.2 million) with a cost-to-income ratio of 35 per cent (Q1 2003 -35 per cent). Net interest income rose by 16 per cent over the same period last year. Fees and other income, excluding gains on the sale of non-trading investments, grew by 41 per cent to $23.3 million (Q1 2003 - $16.6 million).
Earnings per share were US cents 1.28, compared to US cents 0.90 in the corresponding period last year, based on average outstanding shares of 2.6 billion in both years.
As of March 31, 2004, AUB had total assets of $6.6 billion supported by shareholders’ equity of $913 million. The risk asset ratio stood at 19.2 per cent, well above the minimum regulatory requirements set by the Bahrain Monetary Agency.
"AUB has achieved a particularly strong performance in the first quarter of 2004, with profits significantly increased over the same period last year", said the Chairman of Ahli United Bank, Fahad Al Rajaan. (menareport.com)
© 2004 Mena Report (www.menareport.com)