Alubaf net profit soars 32pc to $23.4m
Manama, August 13, 2014
Bahrain-based Alubaf Arab International Bank, a wholesale bank, has reported 32 per cent growth in net profit at $23.4 million for the six months ended June 30, compared with $17.8 million for the corresponding period last year.
Net profit for the second quarter this year was $11.8 million as against $9.2 million for the same period last year.
The bank's chief executive Hasan Abulhasan said the growth was mainly driven by core business activities, with interest income increasing by 37 per cent over the same period last year.
Fee and commission income increased by seven per cent, similarly.
Cost to income ratio remained stable at 21 per cent, whereas the ratio of liquid assets to total assets was 39 per cent and capital adequacy ratio remained strong at 43 per cent.
'The bank is progressing as per plans and is confident of achieving better financial performance by year-end,' Abulhasan added. - TradeArabia News Service