AUB reports 46 percent increase in net profits for 2003
Ahli United Bank (AUB) has reported a net profit of $87.1 million for the financial year ending December 31, 2003, an increase of 46 percent over the same period in 2002.
Gross operating income was $195.4 million for the year despite downward pressure on interest rates. Net interest income rose by 16 percent over the same period last year. Fees and other income, excluding gains on the sale of non-trading investments, grew by over 26 percent to $73.6 million. The cost-to-income ratio improved to 39.4 percent reflecting strong growth in operating income and continued rationalisation of non-essential costs.
As of December 31, 2003, AUB had total assets of $6.3 billion supported by shareholders’ equity of $936.1 million. The risk asset ratio stood at 21 percent well above the minimum regulatory requirements set by the Bahrain Monetary Agency (BMA).
AUB is a commercial and investment banking institution providing wealth management, retail, corporate, treasury, offshore and private banking services. In addition to its wholly owned subsidiary in the UK and Bahrain, AUB has a 46.7 percent share in the Bank of Kuwait and the Middle East (BKME). BKME has a 10 percent market share in Kuwait. — (menareport.com)
© 2004 Mena Report (www.menareport.com)