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Wed 6 Aug 2014 04:43 PM

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Bahrain's largest bank posts 35% rise in Q2 net profit

Ahli United Bank says core operating earnings grew as it reported net profit of $125m for three months to June 30

Bahrain's largest bank posts 35% rise in Q2 net profit
AUB headquarters, Bahrain

Ahli United Bank, Bahrain's largest lender, posted 35.1 percent rise in its second-quarter net profit, the bank said in a statement on Wednesday, as core operating earnings grew.

The bank's net attributable profit for the three months to June 30 was $125.9 million, compared with $93.2 million in the corresponding period of 2013.

Arqaam Capital and SICO Bahrain expected the bank to make a net profit of $109 million and $125.98 million in the quarter respectively.

Net profit for the first six months of 2014 was $262.5 million, up 38.1 percent on the corresponding period of last year.

Loans and advances stood at $23.1 billion at the end of June.

AUB has been the subject of M&A speculation, with sources telling Reuters in April that a stake in the bank could be sold or it could be merged with another bank.

The bank has operations in six Middle East and North African countries, as well as the United Kingdom, and is looking for acquisitions in both new and existing markets as it tries to build a network across the Middle Eastregion, Chief Executive Adel El-Labban told Reuters in October.

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