Ahli United Bank, Bahrain’s largest lender by market value, reported a 3.7 percent gain in quarterly profits on Monday, on the back of growth in its operating income.
The bank made a net attributable profit of $87.5m for the three months to June 30, compared with profit of $84.4m in the corresponding period of 2011.
Overall net profit for the second quarter was $99.2m compared to $95.3m in 2011.
Profit for the first six months of the year was recorded as $169.9m, up 5.1 percent from the $161.7m made in the prior-year period.
Total operating income grew by 6.9 percent in the opening half of 2012, helped by a 9.8 percent increase in net interest income and a 5.6 percent improvement in fee-based income.
Loans and advances rose 4.4 percent between the end of 2011 and June 30 to $16.2bn, while customer deposits increased 5.7 percent in the same period to $18.3bn from 17.3bn.
Ahli United made provisions worth $46.9m in the quarter, up 6.1 percent on the same period in 2011, according to Thomson Reuters’ calculations based on financial statements.
The lender said it took impairments worth $93m in the first half of 2012, compared with $80.2m of provisions in the year-ago period, it said in Monday’s statement.
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