Ahli United Bank BSC (AUB) reported a net profit attributable to its shareholders of $262.5m for the half year ended June 30, 2014. This reflected an increase of 38.1 percent over the core net profit of $190.1m achieved a year ago.
The Q2, 2014 net profit achieved was $125.9m, a 35.1 percent increase over the Q2, 2013 of $93.2m. The basic earnings per share in H1, 2014 were 4.4 cents, compared to basic earnings per share of 3.3 cents, adjusted for the exceptional gain in H1, 2013.
The operating results were driven by growth in its core operating earnings across its major markets. The main contributing factor was the improvement in the net interest margins achieved through a combination of prudent deployment of funds in risk assets and an effective strategy for the management of funding costs. This resulted in a 13.7 percent increase in net interest income from $335.8m to $381.7m. Diversified business flows and successful client acquisition initiatives contributed to a 11.7 percent growth in fee income from $70.3m to $78.5m.
The YTD H1, 2014 cost income ratio improved to 27.8 percent contributed by a surge in operating revenues and by the continued successful implementation of the AUB Group’s disciplined cost culture. The total assets rose to $33.9bn, up 3.7 percent since December 31, 2013 driven by a $1.3bn, a 7.6 percent increase in the loan portfolio to reach $18.6bn by June 30, 2014.
“AUB’s focus on its major operating markets and its strong drive and commitment to expand its cross border business flows between these markets have been instrumental in achieving very strong growth in core operating revenues across its business lines” said Fahad Al Rajaan, Chairman, AUB.© Copyright - Peninsula Qatar