reported a net profit of $183.7m for the first nine months of this year, compared to $280.1m in the same period last year. The net profit for the third quarter was $40.1m compared to $68.4m for the same period in 2008.
The group was able to maintain core banking earnings through tight asset liability management and robust cost control measures, analysts said.
“We are encouraged by the bank’s resilience and strong fundamentals which have enabled it to navigate the regional ripple effects of the global economic slowdown and to effectively address all identified impairment challenges,” said chairman Fahad Al Rajaan.
“We are also encouraged by the recent re-affirmation of
AUB
credit ratings by S&P, Fitch and CI at ‘A-,’ ‘A-‘, ‘A’ respectively, with a stable outlook, a very satisfactory result under the present difficult operating conditions.”
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