Alubaf net profit soars 88pc to $15m
Manama, March 2, 2011
Alubaf Arab International Bank saw net profit soar by a massive 88 per cent last year to $15.4 million.
'Last year was a period of phenomenal performance with all revenue streams contributed significantly to the net profit,' said general manager Ahmed Rajab.
Net interest income climbed by 63 per cent, income from fees and commissions climbed by 105 per cent and foreign exchange gains realised climbed by 290 per cent.
Bahrain-based Alubaf's total assets reached $1.079 billion, an increase of 47 per cent over the previous year.
The bank's board is recommending a cash dividend of 5 per cent of the paid-up capital which would amount to a distribution of $10 million or $2.5 per share.
Rajab said that he is optimistic that Alubaf will propel the current momentum of growth for 2011 and the bank proposes to further increase its capital to $250 million to fund its business expansion.
Alubaf is more than 90 per cent owned by the Libyan Finance Bank but is licensed and regulated by the Central Bank of Bahrain, and Rajab said yesterday that it was not subject to any of its assets being frozen under the recent US or UN sanctions.-TradeArabia News Service