Alubaf registers $30m net profit
Manama, February 14, 2013
Bahrain-based Alubaf Arab International Bank has recorded a net profit of $30 million in 2012, signifying a growth rate of 15 per cent over lthe previous year.
During the fourth quarter, the bank achieved a net profit of $5.1 million after due regulatory general provision, reported the Gulf Daily News, our sister publication.
In 2012, the bank made significant progress and achieved a good financial performance despite challenging times. Interest income was the main driver in 2012, increasing by 28 per cent.
The bank's operating income stood at $39 million reflecting strong operational efficiency. The cost to income ratio saw controlled increase and stood at 19 per cent. Return on average equity was sustained at 11 per cent.
The board is recommending a dividend of 8 per cent of paid up capital for 2012, representing $20 million which is subject to regulatory and shareholder's approval.
Chief executive Hasan Abulhasan said the bank is well positioned with a strong capital adequacy ratio and liquidity ratio at 50 per cent and 83 per cent respectively and he is optimistic that 2013 will be another promising year for the bank.
Alubaf will be re-locating its headquarters with effect from tomorrow to its own premises Alubaf Tower in Seef District.-TradeArabia News Service
More Finance & Capital Market Stories
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs
- In a first, NCB Capital names female CEO
- Du enters $1.17 billion financing deals