AUB's net surges 6.6pc to $82m in Q1
Manama, April 24, 2012
Bahrain-based Ahli United Bank (AUB) posted a net profit of $82.4 million for the first quarter of the year, up 6.6 per cent on the same period last year.
Earnings per share were 1.6 cents, compared to 1.5 cents.
The result also represents a 17.2 per cent improvement over the final quarter of last year of $70.3m.
The key driver to these results was the increase in the operating income of the bank from $191.2 million to $210.5 million, underpinned by the rise in net interest income by 10.3 per cent to $150.8 million and an 8.8 per cent increase in fee income driven by growth in core banking transactions.
With incremental revenues and continuing prudent cost management, the cost income ratio further improved to 30.1 per cent.
Given the uncertain prevailing economic environment, AUB continued its prudent provisioning policy resulting in the overall provision charge for the first quarter increasing to $46.1 million compared with $35.9 million for the first quarter of last year.
The group's asset quality improved with the non-performing loan ratio dropping to 2.3 per cent.
Total customers' deposits increased by $800 million over December 31, 2011 to $18.1 billion as at March 31, 2012.
The group's return on average equity stood at 12.8 per cent compared with 12.9 per cent achieved in the first quarter of 2011.
'AUB's performance in the first quarter was satisfactory,' said AUB chairman Fahad Al Rajaan.
'We are focusing our attention on improving operating and net income through strategic business developments and by the re-deployment of our capital resources to a number of group banks enjoying good growth opportunities,' he added. – TradeArabia News Service
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