Ahli United Bank posts $311mn profit for H1 2017
Manama, Bahrain - Ahli United Bank (AUB) reported a record net profit of US$311.3mn for the half year ended June 30, 2017; up 3.4 per cent compared to the net profit of US$301.2mn in the same period of 2016.
The bank’s second quarter net profit of US$151.9mn represents a 3.6 per cent improvement over the reported profit of US$146.6mn in the second quarter of 2016. The basic earnings per share in the first half of 2017 were 3.9 cents, as compared to 3.8 cents in the same period a year ago, a press release said.
Net interest income improved by 2.1 per cent year-on-year driven by loan growth and improved margins. Despite generally weak operating conditions, loans recorded moderate growth across the AUB Group funded through an increase in customer deposits, while deploying the additional liquidity surplus into investment grade securities.
Hamad al Humaidhi, AUB chairman said: “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 prudently achieved across all our business segments, assisted by robust risk management, tight cost containment measures and focus on the sourcing of cross border opportunities.”
Hamad al Humaidhi