AUB first half profits up 51 percent
Ahli United Bank (AUB) reported net profits of $49.4 million for the six months ending June 30, 2003, an increase of 51 percent over the same period in 2002, stated a press release.
Gross operating income before provisions was $102.1 million as of June 30, with a cost-to-income ratio of 33.6 percent. Earnings per share was $1.90, compared to $1.82 in the corresponding period last year, based on average outstanding shares of 2.6 billion.
Net interest income rose by 16 percent against the same period last year. Core fee and other income, excluding gains on the sale of non-trading investments grew by 53 percent to $38.6 million.
AUB is a commercial and investment banking institution providing wealth management, retail, corporate, treasury, offshore and private banking services. It is geared towards growth through the development of a larger client base in the Gulf states and of close partnerships with customers, staff and product providers. The evolution of future mergers and acquisitions remains central to the Bank's expansion strategy.
AUB has a 46 percent share in the Bank of Kuwait and the Middle East (BKME). As of June 30, 2003, AUB had total assets of $ 5.5 billion on a shareholders' equity of $ 865.8 million. Capital adequacy stood at 23.3 percent on an adjusted capital base of $ 946.3 million. — (menareport.com)
© 2003 Mena Report (www.menareport.com)