Following the recent merger between the Bahraini Al-Ahli Commercial Bank and the London-based United Bank of Kuwait, the new Ahli United Bank posted profits of $35.2 million from January through September 2000.
According to Xinhua News Agency Bulletin, the bank’s total income for this period reached $106.7 million, compared with $99 million last year. Furthermore, the bank’s expenses for the first nine months of this year decreased from last year’s $55.5 million to $49.9 million.
Ahli United Bank’s assets total $3.5 billion, while its consolidated capital is valued at $388 million. The merger of the two banks that created Ahli United combines the advantages of each of these, creating a strong and large financial institution capable of competing in the international banking markets. –(Albawaba-MEBG)