AUB reports 17pc rise in net profits

DUBAI — Ahli United Bank (AUB) has announced a net profit of $ 38.9 million for the quarter ended 31 March 2005, an increase of 17 percent over the same period in 2003 ( $ 33.2 million).

By A Staff Reporter

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Published: Mon 16 May 2005, 10:40 AM

Last updated: Thu 2 Apr 2015, 5:08 PM

The net interest and other income to 31 March 2005 was $ 60.8 million (2004 - $ 57.0 million), an increase of 6.6 per cent, with a cost-to-income ratio of 32.7 percent (Q1 2004- 34.9 per cent). Basic earnings per share was US cents 1.49, compared to US cents 1.28 in the corresponding period last year.

The first quarter of tis year also shows that AUB’s total assets stood at $ 8.43 billion on an enhanced regulatory capital base of $ 1,456 million including $ 443 million of net proceeds raised by issuing 1,000 million Class A preference shares effective 1January 2005.

The resultant consolidated risk asset ratio stood at 22.2 per cent well above the minimum regulatory requirements set by the Bahrain Monetary Agency.

Fahad Al Rajaan, Chairman of Ahli United Bank, said: “The bank achieved a strong performance in the first quarter of 2005.''

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