DOHA: Ahli United Bank (AUB) reported a net profit attributable to its shareholders of $376.3m (QR1.37bn) for the nine months ended September 30, 2014, up 30.1 percent over the core net profit of $289.3m (QR1.05bn) earned during the corresponding period last year, according to a press statement released yesterday.
The overall year-to-date (YTD) Q3, 2013 result of $502.2m included an exceptional non-recurring gain of $212.9m from the sale of its 29.4 percent stake in its Qatari affiliate.
The Q3, 2014 net profit achieved was $113.8m, a 14.8 percent increase over the Q3, 2013 reported profit of $99.1m. The basic earnings per share in YTD Q3, 2014 were US 6.3 cents, compared to US 5 cents, excluding the exceptional gain, for the nine months ended Q3, 2013.
The operating results of AUB were primarily driven by growth in its core operating earnings across its major markets. During the period, the improvement in the net interest margin together with prudent growth in risk assets resulted in a 10.3 percent increase in net interest income from $524.6m to $578.7m.
Diversified business initiatives and successful client acquisition initiatives contributed to a 4.5 percent growth in fee income from $106.7m to $111.5m. The YTD Q3, 2014 cost income ratio improved to 28.4 percent (YTD Q3,2013: 29.6 percent) largely as a result of intelligent spend aligned to business needs without affecting the ability to efficiently service clients and to invest in future growth. The total assets rose to $34.1bn, an increase of 4.5 percent over the December 31 2013 position.
The Peninsula
