Alubaf Arab International Bank has reported a net profit of $10.86 million for the first quarter ended March 31, which was in line with budgeted estimates.

However, comparing with the same period last year, a decline of seven per cent was reflected, said a report in the Gulf Daily News (GDN), our sister publication.

This decline is mainly due to decrease in fee and commission income and loss on trading portfolio.

Interest income was almost in line with the same period last year.

Cost-to-income ratio was under control and reduced to 21 per cent.

Capital adequacy ratio remained strong at 40 per cent, well above the mandatory requirements and liquid assets to liabilities ratio was at 61 per cent.

Annualised return on average equity stood at 13 per cent for the quarter.

The bank's chief executive Hasan Abulhasan said the results were good and achieved budgeted estimates, as the bank continued with its conservative stand on adequately providing for impairment of assets.

"We are well poised to achieve strategic objectives," he added. - TradeArabia News Service