AUB PROF­ITS UP IN H1 2014

Qatar Today - - BUSINESS > BANK NOTES -

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.

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