We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sun 22 Nov 2009 12:09 PM

Font Size

- Aa +

The Middle East’s 25 smartest banks-Ahli United Bank

The Middle East’s 25 smartest banks-Ahli United Bank

Ahli United Bank (AUB)

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."

Arabian Business: why we're going behind a paywall

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Read next