MANAMA, 26 October 2003 — Ahli United Bank (AUB) has announced a 52 percent increase in net profit to $70.9 million for the nine months to Sept. 30, 2003 against $46.5 million over the same period in 2002.
Gross operating income was $148.3 million against $117 million in 2002 with a cost-to-income ratio of 34.8 percent, reflecting strong growth in operating income and continued prudent cost management. Earnings per share was 2.73 US cents, compared to 2.59 US cents in the corresponding period last year, based on substantially increased average outstanding shares of $2.6 billion against $1.8 billion in 2002.
Net interest income rose by 16 percent over the same period last year. Core fee and other income, excluding gains on the sale of non-trading investments, grew by 48.6 percent to $55 million against $37 million in the previous year.
“The bank achieved an excellent performance during the first nine months of 2003, continuing the trend it demonstrated during the first half of this year,” said Fahad Al-Rajaan, chairman of Ahli United Bank.
“This consistent and positive growth trend against the backdrop of a competitive economic climate is a reflection of the overperformance of AUB’s retail, corporate and treasury activities,” he added.