Ahli United Bank Q4 profit jumps to $64m

Manama, February 20, 2011

Bahrain's Ahli United Bank, the country's largest bank, posted a big jump in quarterly net profit on Sunday, boosted by gains in net interest income and growth in private and commercial banking.   

Net profit in the quarter ended December 31 rose to $64.4 million compared to $17.1 in the year-earlier quarter, a statement said. Full-year net profit rose 32 percent to $265.5 million and provisioning for impairments decreased to $151.7 million from $228.1 million in 2009.

'2010 hopefully marks the beginning of a sustainable turnaround in AUB's financial performance,' said Fahad Al-Rajaan, chairman of the bank, in the statement.

'The future shows a number of improving trends and we are optimistic that AUB can continue to build on its organic strategies going forward in a prudent manner.'    

Net interest income grew 9 percent in 2010, and profits from managed associates rose 26.5 percent, the statement said.

AUB provides retail, commercial, investment banking, global fund management and private banking services across the Middle East. - Reuters

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