Publication Date:
Mon, 2011-02-21 04:27
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.
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