Egypt's Ahli United Bank doubles Q1 net

CAIRO, May 14 (Reuters) - Egypt's Ahli United Bank (DIBK.CA), a subsidiary of Bahrain's Ahli United Bank AUBB.BH (AUBK.KW), made net profit of 63.8 million Egyptian pounds ($11.9 million) in the first quarter of 2008, double that for the same period of 2007, Egypt's stock exchange said.

The company's net profit in the January-March period of 2007 was 31.8 million pounds, the bourse said in a statement. It gave no reason for the sharp rise.

Ahli United took control of the Egyptian bank in 2007 after buying a 49 percent stake in 2006. The Egyptian bank was originally named Delta International Bank. ($1 = 5.36 Egyptian pounds) (Writing by Jonathan Wright)