DOHA: Ahli United Bank (AUB) reported a net profit attributable to its equity shareholders of $502.2m for the nine months ended September 30, 2013. This included an exceptional gain of $212.9m on the sale of its 29.4 percent stake in Ahli Bank Qatar (ABQ).
Core earnings increased by 9.5 percent to $289.3m compared September 30, 2012 net profit of $264.2m. Q3, 2013 net profit was 8.6 percent higher at $99.1m compared to $91.3m for Q3, 2012.The basic earnings per share were 9.2 cents, compared to 4.8 cents achieved in Q3, 2012. The resultant adjusted operating basic earnings per share was 5.3 cents excluding the exceptional gain.
The operating income of the group increased from $660.9m to $700.8m in YTD September 30, 2013, driven largely by growth in net interest income (NII) by 11.7 percent to $524.6m and a 10.3 percent growth in fee income from $96.7m to $106.7m. The NII increase was achieved through effective asset liability management measures undertaken to reduce funding costs and a prudent increase in asset volumes within acceptable risk criteria thereby improving core operating income. The cost income ratio was contained at 29.6 percent.
The group’s total assets rose by $1.9bn to $31.8bn since December 31, 2012. The non-performing loan ratio was 2.6 percent as at 30 September 2013 and the specific provision coverage ratio as at September 30, 2013 stood at 89.4 percent.
The total provision coverage ratio, inclusive of collective impairment provisions, was 150 percent as at September 30, 2013.The group’s operating return on average equity for the period ended September 30, 2013, excluding the exceptional gain, was higher at 14.2 percent, compared to 13.3 percent achieved in the prior period. Return on average assets, on the same basis, was higher at 1.4 percent for Q3,2013 .
“AUB’s resilient performance in a challenging operating environment is reflected in its continuing healthy growth in operating profit which grew by around 9.5 percent during the current period. This bears testament to the strength and diversification of the AUB Group business model.” said Fahad Al Rajaan, Chairman, AUB.
The Peninsula
