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Investment gains, loans boost Bahrain's Ahli Q2 net

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 22 July 2008
MARKET AMBITION: Ahli United Bank has been active in seeking regional expansion in recent years. (Getty Images)

Bahrain-based Ahli United Bank on Tuesday posted a 43.6 surge in second-quarter net profit to a record $117.4 million, chiefly due to an almost three-fold surge in investment income and a rise in lending.

Net income from investments that the bank said were earmarked for sale soared 186.4 percent to $62.61 million, according to a bank statement. Net interest income in the same period rose 40.6 percent to $112.59 million and net income from fees and commissions advanced 3.28 percent to $38.73 million.

Operating income for the quarter jumped 42.9 percent to $251.3 million. "The group's strategic investments have all contributed very positively, taking advantage of the cross-border deal flow opportunities..." said the bank, which operates in Bahrain, Kuwait, Qatar, Oman, Egypt, Iraq and Britain.

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The record earnings were above the $112.80-million profit forecast of Global Investment House in a net profit survey last month by newswire Reuters.

Earnings per ordinary share in the quarter were 2.6 US cents compared with 2.5 cents a year earlier. Ahli United made $81.78 million of profit attributable to shareholders in the second quarter of 2007 and $94.31 million in the first quarter of this year.

In April the lender said it signed a memorandum of understanding with Britain's Legal and General Group to set up an Islamic insurance company in Britain.

Shares of the bank fell 0.01 percent to $1.25 on Tuesday - 8.7 percent below Global Investment House's $1.37 dinar fair value estimate on the stock. Earnings were released after trading hours. (Reuters)

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