Bahrain's Ahli United Bank Q2 profit up 35.1 pct

DUBAI Wed Aug 6, 2014 8:13am EDT

Related Topics

DUBAI Aug 6 (Reuters) - Ahli United Bank, Bahrain's largest lender, posted 35.1 percent rise in its second-quarter net profit, the bank said in a statement on Wednesday, as core operating earnings grew.

The bank's net attributable profit for the three months to June 30 was $125.9 million, compared with $93.2 million in the corresponding period of 2013.

Arqaam Capital and SICO Bahrain expected the bank to make a net profit of $109 million and $125.98 million in the quarter respectively.

Net profit for the first six months of 2014 was $262.5 million, up 38.1 percent on the corresponding period of last year.

Loans and advances stood at $23.1 billion at the end of June.

AUB has been the subject of M&A speculation, with sources telling Reuters in April that a stake in the bank could be sold or it could be merged with another bank.

The bank has operations in six Middle East and North African countries, as well as the United Kingdom, and is looking for acquisitions in both new and existing markets as it tries to build a network across the Middle East region, Chief Executive Adel El-Labban told Reuters in October. (Reporting by Nadia Saleem)

FILED UNDER: