Net profit in the quarter ended Dec. 31 rose to $64.4 million compared to $17.1 in the year-earlier quarter, a statement said.

Full-year net profit rose 32 percent to $265.5 million and provisioning for impairments decreased to $151.7 million from $228.1 million in 2009.

"2010 hopefully marks the beginning of a sustainable turnaround in AUB's financial performance," said Fahad Al-Rajaan, chairman of the bank, in the statement.

"The future shows a number of improving trends and we are optimistic that AUB can continue to build on its organic strategies going forward in a prudent manner."

Net interest income grew by nine percent in 2010, and profits from managed associates rose 26.5 percent, the statement said.