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Alubaf posts 21pc increase in net profit to to $35.9m

MANAMA, November 10, 2014

Alubaf Arab International Bank reported a net profit growth of 21 per cent at $35.9 million for the first nine months of the year, compared with $29.6 million in the same period last year.

Net profit for the third quarter surged to $12.5 million as compared to $11.8 million recorded in the same period last year, said a report in the Gulf Daily News (GDN), our sister publication.

Interest income for the first nine months of the year contributed significantly, which increased by 34 per cent over the same period last year.

Trading income resulted in net gain of $0.6 million compared to a negative trading income of $1.4 million recorded in the same period last year.

However, fee and commission income dropped by eight per cent compared to the same period last year.

Cost to income ratio remained stabilised at 21 per cent; liquid assets to total assets stood at level of 47 per cent and capital adequacy ratio remained strong at 43 per cent.

Bank chief executive Hasan Abulhasan said the bank is poised to achieve better financial performance by year end. - TradeArabia News Service




Tags: profit | Bank | arab | Alubaf |

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