AUB posts KD 38.5 million net profit BoD recommends 18% cash dividend

KUWAIT CITY, Jan 22, (Agencies): Al-Ahli United Bank of Kuwait (AUB) posted Tuesday net profit of KD 38.5 million for 2012, compared with KD 31.5 million in 2011.
The bank announced that the earnings per share amounted to 36.2 Fils in 2012 vis-a-vis 29.6 Fils a year earlier.

The financial results of the AUB in 2012 showed a 22.2 percent-growth in net profits despite the bank’s decision to back assets and precautionary allocations by KD 16.8 million, the AUB Managing Director Hamad Al-Marzouq said in a press statement.
The operating profits has jumped up by 48 percent to KD 86.4 million, Al-Marzouq said, noting that this results show the bank strength and ability to make gains in spite of the difficult economic and political conditions.

The AUB board of directors has also recommended the distribution of 18 percent cash dividends on shareholders, 18 Fils per share and 10 percent bonus shares for holders of each 100 shares.
Ahli United Bank BSC (AUB) is a full fledged commercial and investment banking group providing wealth management, retail, corporate, treasury, offshore and private banking services. The Group’s businesses consist of the operations in Bahrain, a wholly-owned subsidiary in the UK and associates in Kuwait, Qatar, Oman, Egypt and Iraq.

In Kuwait, AUB has an effective holding of 75 percent in the Bank of Kuwait and The Middle East while in Qatar, AUB has a 40 percent stake in Ahli Bank.

The AUB has sought to establish an operating presence in each of the Pan-GCC countries with a targeted 10% — 20% market share. To this end, AUB continues to develop and invest to increase its ability to acquire new businesses and rapidly integrate them with the bank’s systems. This development has helped accelerate progress in the delivery of financial services and penetration into targeted geographical markets.

AUB’s performance continued to be recognised by the international financial industry during the year when it secured “Best Bank in Bahrain” Awards from Euromoney and “Best Bank in the Middle East” award from Global Finance. It was also the first ever recipient of AsiaMoney’s ‘Best Commercial Bank in Bahrain’ award during the year. Global Finance accorded AUB the ‘Best Foreign Exchange Bank in the Middle East 2008’ award.

Operations
Ahli United Bank BSC (AUB) is a full fledged commercial and investment banking group providing wealth management, retail, corporate, treasury, offshore and private banking services. The Group’s businesses consist of the operations in Bahrain, a wholly owned subsidiary in the UK and associates in Kuwait, Qatar, Oman, Egypt and Iraq. In Kuwait, AUB has an effective holding of 75 percent in the Bank of Kuwait and The Middle East while in Qatar, AUB has a 40 percent stake in Ahli Bank QSC. In Oman, AUB has a 35 percent stake in Ahli Bank SAOG while in Iraq AUB has a 49 percent stake in the Commercial Bank of Iraq. In Egypt, AUB, its associate banks and other Gulf financial institutions together hold an 89.3 percent stake in Ahli United Bank SAE. Apart from these banks, AUB has a nominal stake of 75 percent in KMEFIC, a brokerage, asset management and corporate finance company based in Kuwait with operations around the Arabian Gulf. Overall, the AUB Group, through its subsidiaries and associates, operates through a network of 93 branch offices and employs over 3,000 people.

AUB’s stated mission is to create an unrivalled ability to meet customer needs, provide fulfillment and development for staff and to deliver outstanding shareholder value. AUB’s strategy is to expand through both organic growth and acquisition in order to act as a ‘multifaceted financial bridge’ between the international financial markets and its Gulf clients. It has sought to establish an operating presence in each of the Pan-GCC countries with a targeted 10 percent - 20 percent market share. To this end, AUB continues to develop and invest to increase its ability to acquire new businesses and rapidly integrate them with the bank’s systems. This development has helped accelerate progress in the delivery of financial services and penetration into targeted geographical markets.

The business area strategies are geared to achieve stable and sustainable income growth, operational competitiveness, a higher quality of service, maximum cost efficiencies and greater risk assessment capabilities.

Clearly the bank’s strategic direction has yielded excellent results. AUB has continued, over the past four years, to show a solid increase in revenues and assets together with a substantial reduction in its cost-income ratio over the past four years. Some of the highlights of the bank’s performance have been:
Despite the current very challenging and difficult business environment, AUB was able to achieve a net profit of $85.9 million for the first quarter of 2009, (Q1/2008: $94.3 million). The results show a rise of 10.7 percent in total operating income to a record quarterly level of $212.6 million while operating costs declined by 11.8 percent during the quarter. At 31 March 2009, the Group’s total assets stood at $24.0 billion while customers’ deposits increased by $ 1.0 billion (+6.8 percent) since the 2008 year-end.
The Group’s ratings have also been re-affirmed during Q3/08 at “A-” with stable outlook by both Standard & Poor’s and Fitch and “A “with stable outlook by Capital Intelligence.

AUB’s performance continued to be recognised by the international financial industry during the year when it secured “Best Bank in Bahrain” Awards from Euromoney and “Best Bank in the Middle East” award from Global Finance. It was also the first ever recipient of AsiaMoney’s ‘Best Commercial Bank in Bahrain’ award during the year. Global Finance accorded AUB the ‘Best Foreign Exchange Bank in the Middle East 2008’ award.

Going forward, AUB will continue to pursue new growth opportunities while remaining focused on strict cost and risk management, thereby maximising shareholder value.

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