Bahrain’s Ahli United Bank Q1 Net Profit Rises 7.8%

Ahli United Bank (AUB), Bahrain’s largest lender, posted a 7.8 per cent increase in its first-quarter net profit, the bank said in a statement on Tuesday.

The bank’s net profit for the three months to March 31 was $147.18 million, compared with $136.56 million in the corresponding period of 2014, it said in the statement.

Investment bank SICO Bahrain had forecast the bank would make a net profit of $131.6 million during the period.

Ahli United Bank (AUB), Bahrain’s largest lender, posted a 7.8 per cent increase in its first-quarter net attributable profit, it said on Tuesday, as it benefited from growth in fee income.

The bank’s net attributable profit for the three months to March 31 was $147.18 million, compared with $136.56 million in the corresponding period of 2014, it said in a statement.

Investment bank SICO Bahrain had forecast the bank would make a net profit of $131.6 million.

One of the drivers was fee income, which grew by 5.6 per cent to $41.5 million.

Gulf banks have fallen back on fee income as a way of boosting their bottom line as revenue from lending remains under pressure as a result of low interest rates.

The bank’s net interest income grew by 0.7 per cent.

In April the bank completed a $400 million Tier 1 bond issue that will enhance its capital reserves.