AUB PROFITS UP IN H1 2014
Ahli United Bank BSC (AUB) reported a net profit of QR955.5 million ($262.5 million) for the half year ending on June 30, 2014. This reflected an increase of 38.1% over the core net profit of QR691.96 million ($190.1 million) achieved a year ago.
The Q2 2014 net profit achieved was QR458.27 million ($125.9 million), a 35.1% increase over the Q2 2013 of QR339.24 million ($93.2 million). The basic earnings per share in H1 2014 were 4.4 cents, compared to basic earnings per share of 3.3 cents, adjusted for the exceptional gain in H1 2013.
This resulted in a 13.7% increase in net interest income from QR1.22 billion ($335.8 million) to QR1.39 billion ($381.7 million). Diversified business flows and successful client acquisition initiatives contributed to 11.7% growth in fee income from QR255.89 million ($70.3 million) to QR285.74 million ($78.5 million).
The year-to-date H1 2014 cost-income ratio improved to 27.8%, contributed by a surge in operating revenues and by the continued successful implementation of the AUB Group's disciplined cost culture. The total assets rose to QR123.39 billion ($33.9 billion), up 3.7% since December 31, 2013.