Ahli United Bank Reports Net Profit Of Us$ 201.1 Million For First Nine Months Of 2010
Ahli United Bank B.S.C. (AUB) reported a net profit of US$ 201.1 million for the nine month period ended 30 September 2010, a c.10% increase over the same period in 2009 (US$ 183.7 million). This includes Q3/2010 profit of US$ 65.2 million, a 62.4% improvement over the same quarter in 2009 (Q3/2009: US$ 40.1 million). These results are attributable to a higher net interest income of US$ 370.2 million (2009: US$ 343.6 million) earned during the period attributable to an increased net interest margin through better management of costs of funds and lower impairment provisioning requirements of US$ 116 million (2009: US$196.1 million) during the first nine months of 2010.
The basic and dilutive earnings per ordinary share for the nine month period ended 30 September 2010, was US cents 4.1, an increase over the 30 September 2009 level of US cents 3.8.
The Group's resultant Return on Average Equity for YTD 30 September 2010 was 12.1%, compared to the YTD 30 September 2009 ratio of 11.8%. The Bank's cost to income ratio was contained at 34.7% in line with 34.2% for the year 2009
As of 30 September 2010, the Group's total assets stood at US$ 25.4 billion, an increase of 7.8% over 31 December 2009 (US$23.6 billion), with the loans and advances portfolio registering an increase of 8.8% to US$ 14.5 billion (31 December 2009: US$ 13.3 billion) through a prudent cash flow driven credit growth, while maintaining asset quality. This credit expansion was supported by a 10.2% increase in customers' deposits to US$ 14.6 billion (31 December 2009: US$ 13.2 billion).
"Our results demonstrate AUB's ability to deliver sustainable core earnings on a consistent basis through its diversified strategic investments across the Gulf and MENA region. Growth was achieved across all our business segments arising from our robust risk management strategy, tight cost containment measures and realization of group business and marketing synergies", said Fahad Al-Rajaan, Chairman, AUB.
"We are also encouraged by the re-affirmation of AUB credit ratings as A- (Stable) by S&P and A (Stable) by Capital Intelligence. These ratings bear testament to AUB's strong underlying business fundamentals realised through effective and focused execution of its well defined strategies within a prudent and acceptable risk management framework", added Mr. Al-Rajaan.
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