Ahli United Bank BSC (AUB) reported a record net profit of $301.2 million attributable to its equity shareholders for the half year ended June 30, 2016.
The net profit reflected an increase of 8.2 percent in H1 2016 as compared to the net profit of $278.4 million achieved in H1, 2015.
The Q2, 2016 net profit of $146.6 million represents a 11.7 percent improvement over the Q2, 2015 reported profit of $131.2 million. The basic earnings per share in H1, 2016 were 4.2 cents, as compared to 4.1 cents in H1, 2015.
AUB continued to grow its operating income with net interest income (NII) rising by 4 percent to $407.4 million during the period. Total operating income grew by 7.8 percent from $529.3 million to $570.9 million. The cost income ratio improved to 27.7 percent (H1, 2015: 28.8 percent).
The non-performing loans ratio at H1 2016 stood at 2.1 percent (Dec. 31, 2015: 1.8 percent) with an enhanced specific provision coverage ratio of 85.3 percent (Dec. 31, 2015: 84.6 percent). The total provision coverage ratio, inclusive of collective impairment provisions, was 177 percent as at June 30, 2016 (Dec. 31, 2015: 181.9 percent). Both specific and total coverage ratios are exclusive of the significant available collaterals against impaired assets.
The group’s return on average equity (ROAE) for H1, 2016, increased to 17.4 percent, compared to the ROAE of 16.7 percent achieved in the half year of 2015. Return on average assets also increased to 1.9 percent (H1, 2015: 1.8 percent).
AUB Chairman Hamad Al-Humaidhi commented: “The strong results for H1 2016 are a record and represent clear testimony to AUB’s well-managed and resilient business model based on regional diversification and cross-border flows as well as proof of the success of its balance-sheet management initiatives to increase operating income.”
The net profit reflected an increase of 8.2 percent in H1 2016 as compared to the net profit of $278.4 million achieved in H1, 2015.
The Q2, 2016 net profit of $146.6 million represents a 11.7 percent improvement over the Q2, 2015 reported profit of $131.2 million. The basic earnings per share in H1, 2016 were 4.2 cents, as compared to 4.1 cents in H1, 2015.
AUB continued to grow its operating income with net interest income (NII) rising by 4 percent to $407.4 million during the period. Total operating income grew by 7.8 percent from $529.3 million to $570.9 million. The cost income ratio improved to 27.7 percent (H1, 2015: 28.8 percent).
The non-performing loans ratio at H1 2016 stood at 2.1 percent (Dec. 31, 2015: 1.8 percent) with an enhanced specific provision coverage ratio of 85.3 percent (Dec. 31, 2015: 84.6 percent). The total provision coverage ratio, inclusive of collective impairment provisions, was 177 percent as at June 30, 2016 (Dec. 31, 2015: 181.9 percent). Both specific and total coverage ratios are exclusive of the significant available collaterals against impaired assets.
The group’s return on average equity (ROAE) for H1, 2016, increased to 17.4 percent, compared to the ROAE of 16.7 percent achieved in the half year of 2015. Return on average assets also increased to 1.9 percent (H1, 2015: 1.8 percent).
AUB Chairman Hamad Al-Humaidhi commented: “The strong results for H1 2016 are a record and represent clear testimony to AUB’s well-managed and resilient business model based on regional diversification and cross-border flows as well as proof of the success of its balance-sheet management initiatives to increase operating income.”
