Gulf Daily News Tuesday, 28th October 2014 AUB’s net profit surges 30 per cent to $376.3m MANAMA: Ahli United Bank (AUB) reported a net profit attributable to its shareholders of $376.3 million for the nine months ended September 30 this year. This reflected an increase of 30.1 per cent over the core net profit of $289.3m achieved in the same period last year. The overall result year-to-date at the end of the third quarter last year of $502.2m included an exceptional non-recurring gain of $212.9m from the sale of its 29.4pc stake in its Qatari affiliate. The third quarter net profit achieved was $113.8m, a 14.8pc increase over the reported profit of $99.1m in the same period last year. The basic earnings per share in the first nine months of this year were 6.3 cents, compared to five cents, excluding the excep- tional gain, for the last year, largely as nine months ended in a result of intelligent September last year. spend aligned to busiThe operating ness needs without results of AUB were affecting the ability primarily driven by to efficiently service growth in its core clients and to invest in operating earnings future growth. across its major marThe group’s total kets. assets rose to $34.1 During the period, billion, an increase the improvement in n Mr Al Rajaan of 4.5pc over the the net interest margin December 31, 2013 together with prudent growth in position. risk assets resulted in a 10.3pc This increase was driven by a increase in net interest income $1.4bn (+8.2pc) increase in the from $524.6m to $578.7m. loan portfolio to reach $18.7bn Diversified business initia- by September 30, this year. tives and successful client acquiThe growth in loan and sition initiatives contributed to a advances was funded by an 4.5pc growth in fee income from increase in customers’ deposits $106.7m to $111.5m. to $24.4bn as at September 30 The cost-income ratio in the this year, compared with $22bn first nine months of this year as at December 31 last year. improved to 28.4pc compared Asset quality remains solid with 29.6pc in the same period with the non-performing loans ratio standing at 2.1pc (December 31, 2013: 2.3pc) while the specific provision coverage ratio improved to 91.5pc (December 31, 2013: 86.1pc). The total provision coverage ratio, inclusive of collective impairment provisions, rose to 172.4pc as at September 30 this year (December 31, 2013: 155.5pc). The AUB Group’s return on average equity (ROAE) for the first nine months of this year increased to 15.9pc based on the improved operating results, compared to the operating ROAE, excluding the exceptional gain, of 14.2pc achieved in the prior period. Return on average assets, calculated on the same basis, was also higher at 1.6pc for the first Asry and Fire Security sign key agreement “Fire Security Middle East is a branch of Fire Security A/S headquartered in Norway,” Mr Buchholts said. “It is specialised in providing class-approved fire protection coating systems, jacket repair and lifetime extension of electrical and instrumentation cables to reputable clients worldwide.” Mr Tom said Fire Security has performed many lifetime extension projects to major ship owners and reputable world-wide references with results that exceeded their clients’ expectations. Mr Moustafa said that Fire Security will be having permanent presence in Asry and will work in close co-ordination with Asry staff to support their products and services on vessels calling at the yard. He added that as per the deal, Fire Security should start operations in Asry at the beginning of next month. Aramex gains rise 16pc in third quarter DUBAI: Dubai courier Aramex reported a 16 per cent rise in third-quarter net profit yesterday, missing analyst forecasts. Aramex made a quarterly net profit of 69.5 million dirhams ($18.95m) in the three months to September 30, up from 59.9m dirhams in the corresponding period of 2013, it said in a statement. Analysts polled by Reuters on average forecast Aramex’s third-quarter profit would be 74.8m dirhams and up 25pc year-on-year. Third-quarter revenue rose to 922m dirhams, up 12pc year-on-year. “Revenues were once again particularly strong in international express and e-commerce,” Aramex chief executive Hussein Hachem said in the statement. Aramex founder Fadi Ghandour said last week the company is targeting at least two acquisitions in 2015 as part of its growth strategy. HCC Corporate Diary n Mr Berge, seated, left, and Mr Buchholts at the signing of the deal MANAMA: Asry, the leading ship and rig repair yard in the Arabian Gulf, has signed a memorandum of understanding (MoU) with Fire Security Middle East (FSME) that will enhance business opportunities for both the companies. It will also help Asry provide specialised services related to fire protection, jacket repairs and life extension of cables to its clients on the vessels and rigs they repair. The agreement, which authorises Asry to act as sole representative within the yard, was signed by Asry chief executive Nils Kristian Berge and FSME managing partner Jesper Rexen Buchholts, in the presence of Asry technical resources and business development general manager Magdy M Moustafa. The ceremony was also attended by Fire SecurityNorway chairman Ole Tom and business development manager Bahrain, Mohamed Alawi. nine months of this year. “AUB’s diversification in its major operating markets and its continued success in expanding cross-border business flows between these markets have helped it achieve a robust growth in sustainable core operating revenues, while maintaining solid asset quality parameters,” chairman Fahad Al Rajaan said. “AUB continues to seek opportunities, where viable, to expand its banking franchise further through value accretive organic or inorganic means. “This entails a continuous, dynamic and focused approach to ensure the effective deployment of capital resources across the AUB Group’s current and targeted markets,” he added. Executive Standard 17 Pocket Mini Pocket HCC diaries, the ideal corporate gift to reinforce your company’s brand with a unique design customized to your requirements. 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