Bahrain's Ahli United Bank reports increased net profits
Bahrain-based Ahli United Bank (AUB) has announced a net profit of US$ 62.8 million for the six months ended 30 June 2004, an increase of 27.2 per cent over the same period in 2003 (US$ 49.4 million).
Gross operating income to 30 June 2004 was US $ 114.9 million (2003 - US$ 102.1 million) with a cost-to-income ratio of 36.1% (2003 – 34.6%). Net interest income rose by 15.5 per cent over the same period last year. Fees and other income, excluding gains on the sale of non-trading investments, grew by 19.2 percent to US$ 46.5 million (2003 – US$ 39.0 million).
Earnings per share were US cents 2.42, compared to US cents 1.90 in the corresponding period last year, based on average outstanding shares of 2.6 billion in both years.
As of 30 June 2004, AUB had total assets of US$ 6.4 billion supported by shareholders’ equity of US$ 931.2 million. The risk asset ratio stood at 19.9% well above the minimum regulatory requirements set by the Bahrain Monetary Agency.
“AUB has achieved solid results in the first half of 2004 with good performances across all the bank’s activities, both here in the Gulf and in the United Kingdom,” said Mr. Fahad Al-Rajaan, Chairman of Ahli United Bank.
“We continue to pursue new growth opportunities and a number of new corporate combination opportunities are currently being developed around the region as part of efforts to offer a comprehensive range of services to a wider customer base in the Gulf and beyond,” he added. (menareport.com)
© 2004 Mena Report (www.menareport.com)