Bahrain’s AUB Posts $40.1m Net Profit
The Bahraini Ahli United Bank (AUB) in has announced a net profit of $40.1 million for the year 2000 – an 18 percent increase over the comparable figure for 1999 which stood at $34million, Bahrain Tribune reported Monday.
According to a bank statement, the total assets increased by five percent to $3,512.4 million ($3.286.7 million in 1999), total deposits rose by five percent to $2,740.2 million, while operating costs were reduced by 11.4 percent to $68.7 million from $77.6 million. This resulted in an improvement in costs to income ratio of 50.2 percent, compared to 54.9 percent in 1999.
Mohammed Jalal, Chairman of AUB was quoted by the daily as saying that the year “2000 proved to be a memorable year for AUB. It was a period characterized not only by the successful and smooth integration of two complementary institutions, but also by a very satisfactory financial performance in different activities.”
“This complex process was achieved with minimal disruption to business, technology or staff, and was accompanied by disciplined attention to costs. Given these results, the Board of Directors would like to recommend to the shareholders’ general assembly on March 31st the distribution of cash dividend of 10 percent of the paid-up capital, equivalent to 2.5 cents per share,” he added – Albawaba.com