Ahli United Bank (AUB) has reported a net profit of $70.9 million for the first nine months 2003, an increase of 52 percent over the same period in 2002.
Gross operating income from January to September was $148.3 million with a cost-to-income ratio of 34.8 percent, reflecting strong growth in operating income and continued prudent cost management. Earnings per share was $2.73, compared to $2.59 in the corresponding period last year, based on substantially increased average outstanding shares of 2.6 billion.
Net interest income rose by 16 percent over the same period last year. Core fee and other income, excluding gains on the sale of non-trading investments, grew by 48.6 percent to $55 million.
AUBank is a commercial and investment banking institution providing wealth management, retail, corporate, treasury, offshore and private banking services. In addition to its wholly owned subsidiary in the UK and Bahrain, AUB has a 46.7 percent share in the Bank of Kuwait and the Middle East (BKME). BKME has a 10 percent market share in Kuwait. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
