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Ahli United Bank Q1 net profit $136.6 million

Staff writer |
Ahli United Bank's reported that its first-quarter profit decreased 56 percent compared with the same quarter last year when the bank benefited from a one-off gain from the proceeds of a disposal.

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Ahli United Bank reported net profit for the first three months of 2014 of $136.6 million, compared with $309.9 million in the same period of 2013.

The bank had booked a $212.9 million gain in the first quarter of 2013 after selling a 29.4 percent stake in Qatar's Ahli Bank to Qatar Foundation, a non-profit organisation wholly-owned by the Gulf state's royal family.

Excluding the one-off gain, Ahli United Bank said its first-quarter profit rose 41 percent.

AUB said its net profit in the first three months of 2014 benefited from growth in core recurring earnings, with net interest income up 13.2 percent year-on-year. This was driven by an improved net interest margin resulting from placing cash in high-yielding assets.

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