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 15116 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
Parmigiani Fleurier's New Tondagraph GT Rose Gold Blue [5338-Views]
essence Essentials For your Eyes! [4084-Views]
Achieve Pore-fect Skin With the Face Shop's Latest Drop [3792-Views]
Versus Versace Republique - VSP1V0519 [3247-Views]
Ogilvy Becomes First Agency Brand to Reach 1 Million Followers on LinkedIn [3218-Views]
KARL LAGERFELD – Back to Black [2927-Views]
Make Up for Ever is Breaking Through With a Lipstick Revolution With Rouge Artist [2644-Views]
Three GEMS Education Schools in Dubai Celebrate a Combined 75 Years of Quality Education [2628-Views]
OMEGA Goes Platinum-Gold For New James Bond Watch [2608-Views]
Huawei is Set to Dramatically Alter the Entry Level Smartphone Segment with the Launch of ... [2448-Views]
Indian shuttlers make a clean sweep at Dubai Sports Council's Community Club's Tournament [2390-Views]
How to Work the Hottest Fall Makeup Trends on a Budget [2341-Views]
Sharjah's Hamriyah Free Zone Inks Deal With Lamprell, Leading Provider of Fabrication, Eng... [2230-Views]
Flydubai Uses Cutting-edge Technology by ASD to Track and Clean Aircraft Seat Covers [2214-Views]
Dubai Chamber Whitepaper Examines Growth Potential of UAE Space Economy [2173-Views]
That Hair Tho – THT Offers Complimentary Haircuts for Those Who Have Lost Jobs, Have Job I... [2148-Views]
Expo Centre Sharjah Delays Watch & Jewellery Middle East Show (WJMES) to April 2021 [2140-Views]
The Time to Prepare for COVID-19 Vaccine Transport is Now [2136-Views]
Free Me – The First Naturally Kind Mosquito Repellent Made in the UAE [2120-Views]
Land Rover Defender Gains Plug-in Hybrid Electric Power, Six-Cylinder Diesel and New X-dyn... [2112-Views]
Euronews Investigates How the UAE is Using Artificial Intelligence in Healthcare and Educa... [2091-Views]
Medcare Partners with InterSystems to Implement World-Class Healthcare Information System [2066-Views]
Dabur Herb'l Launches Natural Gel Toothpaste With the Freshness of Aloe Vera [2046-Views]
Prevention is Better than Cure, Especially with Lice! [1972-Views]
Pogacar Reclaims White Jersey and Climbs to 2nd in General Classification [1964-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories