Bahrain's Ahli posts big Q1 profit jump after Qatar stake sale

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Bahrain's Ahli United Bank posted a big jump in first-quarter net profit on Wednesday as its earnings were boosted by a one-time gain from the sale of a stake in a Qatari associate, with earnings excluding this also showing healthy growth.

The kingdom's largest lender by market value booked a $212.9 million gain after selling a 29.4 percent stake in Qatar's Ahli Bank in January to Qatar Foundation, a non-profit organisation wholly-owned by the Gulf state's royal family.

This sent the bank's net attributable profit for the three months to March 31 up to $309.8 million from $86.4 million in the corresponding period of last year, a statement on the Bahrain bourse said.

Without the one-off gain net profit for the quarter was $96.9 million, up 12.2 percent on the same three months of 2012.

The bank attributed the year-on-year profit increase to an 11 percent growth in net interest income, which rose to $167.4 million in the first three months of 2013.

It also recorded an 18.6 percent growth in deposits over the first quarter to $21.6 billion from $18.2 billion at the end of 2012. The bank did not say what contributed to the increase but said the inflow allowed it to reduce its borrowing on the interbank market by 26 percent in the fourth quarter of 2012.

Ahli United is expected to be one of the Bahraini lenders identified by the country's central bank as key to the stability of its financial system.


Market Performance

Ahli United Bank - Bahrain
0.0 0.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams