Alubaf Q1 net profit rises 58 per cent
Manama, May 10, 2011
Alubaf Arab International Bank's first quarter results saw operating income rise by 51 per cent to $8 million, an increase resulting in a net profit of $6.6 million, up 58 per cent over the same period last year.
Significant contribution for the increase in income was from net interest earnings, which rose by 105 per cent over the same period last year and commission increased by 36 per cent.
The cost to income ratio declined in compared to last year due to a moderate increase in expenses.
Total loans in the first quarter grew by 47 per cent over the final quarter of 2011 with no additional provisioning required for non-performing loans.
Despite unrest across the region and challenging times for business, Alubaf posted good results and sustained an annualised rate of return of 11 per cent with a strong capital adequacy ratio of 48 per cent and liquidity ratio of 99 per cent.
General manager Ahmed Rajab said that this was achieved due to continued prudent management and he is optimistic of Alubaf's performance in 2011.
He said that with the current strong capital adequacy and liquidity ratio level the bank is well poised to sustain its positive trend throughout the year.-Tradearabia News Service
More Finance & Capital Market Stories
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia