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Sun 20 Feb 2011 05:05 PM

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Bahrain lender AUB Q4 profit surges

Ahli United Bank's net profit in quarter ended Dec 31 rose to $64.4m compared to $17.1 in year-earlier quarter

Bahrain lender AUB Q4 profit surges
BAHRAINS AUB: AUB provides retail, commercial, investment banking, global fund management and private banking services across the Middle East

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

statement said.

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

East.

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.

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