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AUB posts KD 12.1mn net profit in first qtr Total operating revenues reach KD 24.8mn

KUWAIT CITY, April 26, (KUNA): Ahli United Bank (AUB) of Kuwait posted Saturday KD12.1 million in net profits for the first quarter of 2014, up 10.9 percent year-on-year. In a press statement, the AUB noted that each share made gains estimated at 9.4 fils compared with 8.5 fils in the corresponding period of 2013. AUB Board Chairman and Managing Director Hamad Al-Marzouq unveiled that AUB’s total operating revenues reached KD24.8 million and total assets blossomed to KD3.37 billion vis-à-vis KD3.16 billion in the corresponding period of last year. He added that total deposits accounted for KD2.23 billion, up 6.6 percent year-on-year.

AUBK’s conversion to a Shari’ah compliant bank on April 1, 2010 was the landmark event and historic turning point in the bankís history. The conversion into Islamic which was based on a prudent strategy adopted by the major shareholders and put into effect by the bank’s executive management under the supervision of its Board of Directors has in fact propelled the bank vigorously towards penetrating the Islamic banking industry until AUBK has been able to position itself in the forefront of Islamic banking in the region.

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