Ahli United Bank Q1 net profit up 7.8%

Ahli United Bank Q1 net profit up 7.8%
Updated 12 May 2015

Ahli United Bank Q1 net profit up 7.8%

Ahli United Bank Q1 net profit up 7.8%

DUBAI: Ahli United Bank (AUB), Bahrain’s largest lender, posted a 7.8 percent increase in its first-quarter net attributable profit, it said, as it benefited from growth in fee income.
The bank’s net attributable profit for the three months to March 31 was $147.18 million, compared with $136.56 million in the corresponding period of 2014, it said in a statement.
Investment bank SICO Bahrain had forecast the bank would make a net profit of $131.60 million.
One of the drivers was fee income, which grew by 5.6 percent to $41.5 million.
Gulf banks have fallen back on fee income as a way of boosting their bottom line as revenue from lending remains under pressure as a result of low interest rates.
The bank’s net interest income grew by 0.7 percent.
In April the bank completed a $400 million Tier 1 bond issue that will enhance its capital reserves.