May 5, 2014 / 11:52 AM / 4 years ago

Bahrain's Ahli United Bank Q1 net profit down as one-off gain not repeated

DUBAI, May 5 (Reuters) - Ahli United Bank, Bahrain’s largest lender, posted a 56 percent decline in its first-quarter net attributable profit, the bank said on Monday, as it failed to replicate the one-off gain achieved last year from its Qatari stake sale.

The bank’s net attributable profit for the opening three months of 2014 was $136.6 million, compared with $309.9 million in the same period of 2013.

The bank booked a $212.9 million gain in the first quarter of 2013 after selling a 29.4 percent stake in Qatar’s Ahli Bank to Qatar Foundation, a non-profit organisation wholly-owned by the Gulf state’s royal family.

Subtracting the one-off gain from calculations, Ahli United said its first-quarter profit increased 41 percent.

Arqaam Capital expected the bank to make a net profit of $110 million in the first quarter. (Reporting by David French, editing by Sylvia Westall)

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