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Ahli United Bank Q1 net profit rises 7.8pc

MANAMA, May 12, 2015

Ahli United Bank (AUB), Bahrain's largest lender, posted a 7.8 per cent increase in its first-quarter net attributable profit, it said on Tuesday, as it benefited from growth in fee income.

The bank's net attributable profit for the three months to March 31 was $147.18 million, compared with $136.56 million in the corresponding period of 2014, it said in a statement.

Investment bank SICO Bahrain had forecast the bank would make a net profit of $131.60 million.

One of the drivers was fee income, which grew by 5.6 per cent to $41.5 million.

Gulf banks have fallen back on fee income as a way of boosting their bottom line as revenue from lending remains under pressure as a result of low interest rates.

The bank's net interest income grew by 0.7 per cent.

In April, the bank completed a $400 million Tier 1 bond issue that will enhance its capital reserves.  - Reuters




Tags: Bahrain | AUB | Ahli United |

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