Dubai PR Network, Online Press Release from Dubai and Middle East
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
Ahli United Bank B.S.C. Net Profit Attributable to the Equity Shareholders Surges by 6.0% to US$ 468.7 Million
 

Dubai, UAE, October 31, 2017:  Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders of US$ 468.7 million for the nine months ended 30 September 2017, an increase of 6.0% as compared to US$ 442.1 million achieved in YTD Q3/2016. The net profit achieved for the third quarter of 2017 was US$ 157.4 million, higher by 11.7% than 2016 third quarter reported profit of US$ 140.9 million. The Basic Earnings per Share in YTD Q3/2017 increased to US 6.0 cents, from US 5.7 cents in YTD Q3/2016. 

Net Interest income improved by 2.5% year-on-year driven by loan growth of 4.1% compared to December 2016 across the AUB Group funded by a 6.6% increase in customer deposits with additional liquidity deployed in sovereign and investment grade securities. Operating results were supported by the Bank’s continued application of operational efficiencies, resulting in an improved cost to income ratio of 27.8% (YTD Q3 / 2016: 28.1%). 

The non-performing loans ratio stood at 2.4% (31 December 2016: 2.3%) with an increased specific provision coverage ratio of 85.3% (31 December 2016: 84.9%). The total provision coverage ratio, inclusive of collective impairment provisions but excluding available significant collaterals, was 156.1% as at 30 September 2017 (31 December 2016: 155.6%).  

The Group’s Return on Average Equity (ROAE) for YTD Q3/2017 was 16.7%, as compared to 16.2% achieved in the prior period of 2016. Return on Average Assets was higher at 2.1% for YTD Q3/2017 (YTD Q3/2016: 1.9%). 

Mr. Hamad Al-Humaidhi, AUB Chairman, commented: “AUB sustained its core performance for the first nine months of 2017 and is looking forward to maintaining its positive growth trajectory. AUB’s growth is a testament to AUB’s well-managed business model based on diversification and cross border flows and of the success of its prudent business development practices in its target markets complemented by effective risk management and judicious cost controls.” 


Posted by : Dubai PR Network Editorial Team
Viewed 14829 times
PR Category : Banking & Investments
Posted on : Tuesday, October 31, 2017  4:33:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Al Ansari Exchange launches ‘Win Your Dream Home' winter pro...
Next Story : Apple Pay – Now Made Possible for Mashreq's Customers
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
10 Million Plastic Packaging Saved: Grohe Launches Initiative to Reduce Plastic [3997-Views]
Meet the #Sephorasquad Middle East Members! [3997-Views]
Karl Lagerfeld Announces Collaboration With Designer Kenneth Ize [3563-Views]
Discover the Perfect Gift This Eid Al Adha From Rasasi Perfumes [3456-Views]
Amp Up Your Beauty Routine With New Products From Missha Cosmetics [2968-Views]
17-Year Old Smashed a Guinness World Records Title in His Bedroom [2813-Views]
Toric Tourbillon Slate'' [2669-Views]
Kia Launches ‘Live Stream Showroom' to Offer Customers an Innovative Digital Experience [2567-Views]
IMG Worlds is Back This Friday Park Entry Price at AED 20 Only [2534-Views]
Dubai Sports World Marks Official Opening at Dubai World Trade Centre [2513-Views]
Dubai Startup Hub and Dtec Announce Winners of Emirati Development Programme [2493-Views]
Celebrate Eid with Steve Madden [2480-Views]
Travellers Should ‘Wear to Care' in the New Normal says WTTC [2468-Views]
Champion Cleaners Launch New Home and Office Sanitization Service [2411-Views]
UAE Ranks in Top 10 on Kpmg's 2020 Global Autonomous Vehicles Readiness Index, for Third C... [2411-Views]
Cartier High Jewelry - Sur Naturel [2411-Views]
Al Habtoor Motors Launches Summer Surprises Stock clearance on Mitsubishi SUVs 2019 Model... [2247-Views]
Dubai Culture Wins Excellence Award From Arab Federation for Libraries and Information [2206-Views]
Dubai Customs' 2nd Consultative Council discusses challenges and opportunities of post Cov... [2206-Views]
FDA Authorizes Marketing of IQOS as a Modified Risk Tobacco Product [2066-Views]
Dubai Sports Council Honours Winners of Pocari Sweat 19K Run [2054-Views]
Gems Education Rolls Out IBM Digital – Nation Platform to All Its Schools Following Succes... [2042-Views]
It All Started with a Sponge- Gaetano Pesce's Revolutionary Feminist Chair “UP” On Display... [2025-Views]
Genesis Launches Special-Edition “stardust” G90 Model [2009-Views]
Skycap's Flagship Program of Us$150 M Global Fintech Investment on the Roadmap [1976-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories