Flip through the latest issue of Gulf Weekly.
Ahli United Bank (AUB) reported a net profit of $65.7 million for the three month period ended March 31, 2010, a drop of 23.5 per cent compared to the same period last year ($85.9 million).
This result represents a substantial rise of 284 per cent over the trailing fourth quarter 2009 profit of $17.1 million and reflects a strong improvement in core earnings net of exceptional items relative to the comparative period in 2009.
The group's net profit was achieved on the back of an increased net interest margin of 2.4 per cent in the first quarter this year (Q1 2009: 2.3 per cent) while prudently growing the loans and advances portfolio of $13.6 billion by 2.3 per cent over the December 31, 2009 balances of $13.3 billion. This generated a net interest income of $117.1 million (an increase of 9.4 per cent over Q1 2009).
"The year 2010 remains challenging, however, we take comfort in the overall resilience demonstrated by the bank in Q1 2010," said Fahad Al Rajaan, chairman, AUB.
