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Dubai:Ahli United Bank (AUB) B.S.C. has announced a 40.5 per cent rise in net profits for the first half of 2008 reaching $211.7 million, as compared to the same period last year. This reflects a continuing trend of increasing profitability achieved since inception in very competitive and challenging market conditions.
According to a statement, continued growth has been achieved through a judicious mix of revenue streams within a diversified and prudent risk framework, complementing the Board-approved strategy of growth through mergers and acquisitions underpinning the AUB business model.
The Group, having made a strong start in Q1, continued its growth momentum by posting a record operating income for the first half of 2008 of $461.0 million (30 June 2007: $313.1 million) an increase of 47.2 per cent over the same period last year, supported by a strong underlying growth in core earnings. Overall, the cost to income ratio improved to 32.4 per cent (H-1/07 level of 35.2 per cent).
The basic earnings per ordinary share for the six-month period ending 30 June 2008 was US cents 4.7, compared to US cents 4.6 for the corresponding period last year. Dilutive earnings per ordinary share for the six month period ending 30 June 2008, adjusted for the significant impact of the conversion of preference shares in January 2008, was a very impressive US cents 4.7 as against US cents 3.6 for the same period last year.
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