Ahli United Bank posts $311mn profit for H1 2017

Muscat Daily - - BUSINESS -

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

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