Bahrain-based Ahli United Bank, the largest lender by market value in the kingdom, has reported a net profit of $309.8 million for the first quarter of the year, boosted by a one-time gain from the sale of a stake in a Qatari associate.

The bank booked the gain after selling a 29.4 percent stake in Qatar's Ahli Bank in January to Qatar Foundation, a non-profit organisation wholly-owned by the Gulf state's royal family.

This sent the bank's net attributable profit for the three months to March 31 to $309 million, compared with $86.4 million in the corresponding period of 2012.

Without the one-off gain, net profit for the quarter was $96.9 million, up 12.2 percent on the same three months of last year.

Ahli United is expected to be one of the Bahraini lenders identified by the country's central bank as key to the stability of its financial system. – Reuters