Bahrain’s AUB announces improved profits in 2000
Bahrain-based Ahli United Bank (AUB) has announced a net profit of $40.1 million for 2000, 18 percent more than the $34 million reported at the end of 1999.
According to the bank’s chairman, Mohammed Jalal, total assets increased by 5 percent from $3.29 billion in 1999 to $3.51 billion this year. Jalal added that total deposits also rose by 5 percent to $2.74million, while operating costs were reduced by 11.4 percent to $68.7 million.
Following its report of activities during 2000, AUB also announced that it had acquired a 15 percent stake in Bank of Kuwait and the Middle East. To achieve that, AUB bought 105.6 million shares for a total value of KD40.656 million ($132.8million).
Commenting on the purchase, Fahad Al Rajaan, deputy chairman of the AUB, said: “With this investment, AUB has secured a direct presence in the Kuwait market and has significantly advanced its regional aspirations.”
AUB was created last year as the result of a merger between Al Ahli Commercial Bank and the United Bank of Kuwait. – (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)