AUB reports net profit of US$ 618.7 million for 2017

Manama : Ahli United Bank (AUB) reported a net profit attributable to its equity shareholders of US$618.7 million for the year 2017, representing a growth of 8.4pc as compared to a net profit of US$570.6m in 2016. Net profit for the fourth quarter of 2017 was US$150.0m as compared to US$ 128.5m in the comparable quarter a year ago.

Basic earnings per share were US cents 7.7 for the year ended 31 December 2017 (2016: US cents 7.2). The Board of Directors has recommended a cash dividend of US cents 4.5 per share (2016: US cents 4.5 per share) together with a bonus ordinary share issue of 5pc (2016: 10pc).

Net operating income increased from US$986.6m to US$ 1,030.4m in 2017 (+ 4.4pc), driven largely by a rise in net interest income (NII) of 5.8pc to US$ 876.5m (2016: US$ 828.2m). Cost income ratio was 28.8pc (2016: 27.6pc).

Looking ahead, Hamad Al-Humaidhi, AUB Chairman, commented: “While operating challenges remain, I am cautiously optimistic that AUB is well positioned and prepared to meet the challenges arising out of evolving market conditions both regionally and globally and to maintain its growth momentum into 2018.”