Ahli United Bank's net profit in quarter ended Dec 31 rose to $64.4m compared to $17.1 in year-earlier quarter
Bahrain's Ahli United Bank
, the country's largest bank, posted a big jump in
quarterly net profit on Sunday, boosted by gains in net interest
income and growth in private and commercial banking.
Net profit in the quarter ended December 31 rose to $64.4m compared to $17.1 in the year-earlier quarter, a
Full-year net profit rose 32 percent to $265.5m and
provisioning for impairments decreased to $151.7m from
$228.1m 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 9 percent in 2010, and profits from
managed associates rose 26.5 percent, the statement said.
AUB provides retail, commercial, investment banking, global
fund management and private banking services across the Middle
Anti-government protests continued in Bahrain over the
weekend but a central bank official said last week that the
current unrest would not affect its economy or financial sector.