Ahli United Bank records $294m net profit

dubai - Ahli United Bank B.S.C. (AUB) recently reported a net profit attributable to its equity shareholders of $293.4 million for the six months that ended June 30 this year. This marked a decrease of 22.3 per cent as compared to $377.5 million achieved in H1/2019. Basic Earnings per Share in H1/2020 fell to 2.9 cents as compared to 3.7 cents in H1/2019.

The first half of 2020 was defined by the onset of the Covid-19 outbreak and by the collapse in oil prices. These events triggered global recessionary conditions, which have hit energy producing countries hard due to the close correlation of their economic cycles to oil prices which fell sharply in the second quarter of the year. Health imposed lockdowns of extended durations exacerbated the economic fallout as retail and corporate activities were deeply impacted.

Meshal Al Othman, chairman of Ahli United Bank, said: "AUB's response was rapid and adaptative to this new and evolving situation, which we expect to continue into the future. Our priorities were, and will continue, to ensure a safe operating environment for all staff, clients and counterparts, with a seamless remote capability to conduct business and support our clients in a very difficult and challenging environment, and maintain our earnings capacity in a prudent manner to be able to meet shareholders' expectations."