News

AHLI UNITED BANK B.S.C. REPORTS A 12.7% SURGE INNET PROFIT ATTRIBUTABLE TO OWNERS OF THE BANK TO US$ 528.3 MILLION

Ahli United Bank B.S.C. (AUB) reported a 12.7 % increase in net profit attributable to its equity shareholders of US$ 528.3 million for the nine months ended 30 September 2018 compared to the net profit of US$ 468.7 million achieved in YTD Q3/2017. The Q3/2018 net profit of US$ 170.8 million represents a8.5% improvement over the Q3/2017 quarter reported profit of US$ 157.4 million. The Earnings per Share (EPS) in YTD Q3/2018wereat US 6.4 cents, as compared to US 5.7 cents in YTD Q3/2017 (EPS:US 2.1 cents in Q3/2018 versus US 2.0 cents in Q3/2017).

Net interest income improved by 11.5% to US$ 708.4 million during the nine months of 2018 compared to US$635.1 million in YTD Q3/2017(Q3/2018:US$241.2 million, +10.1% versus Q3/2017 of US$219.1 million) driven by improved margins and prudent growth in loanand investmentsacross the AUB Group funded through an increase in customer deposits. Increases in net interest income, trading and investment income resulted in a rise in operating income by 9.9% to US$907.0 million compared to US$825.1 million in YTD Q3/2017 (Q3/2018: US$294.6 million,+6.2% versus Q3/2017:US$277.4 million). Net operating income for YTD Q3/2018 increased by 9.9% to US$ 845.2 millioncompared to US$768.8 million in YTD Q3/2017 (Q3/2018: US$ 275.1 million, +6.2% versus Q3/2017: US$259.0 million). Operating results continued to be supported by the Bank’s improved cost efficiencies as reflected in a cost to income ratio of 26.2% (YTD Q3/2017: 27.5%).

Solid asset quality levels were sustained withagross non-performing loans ratio of2.0% (31 December 2017: 1.9%) while specific provision coverage ratio increased to 86.3% (31 December 2017: 85.1%). The total provision coverage ratio,inclusive of expected credit loss provisioning under IFRS 9 but excluding very significant non-cash collaterals available,improvedto 222.3% as at 30September 2018 (31 December 2017: 154.3%).

The Group’s total assets at 30 September 2018 increased by 6.7% to US$ 35.5 billion (31 December 2017: US$ 33.2 billion).The Return on Average Assets improved to 2.2% for YTD Q3/2018 (YTD Q3/2017: 2.1%). The Group’s equity attributable to owners at 30 September 2018 maintained at US$ 3.8 billion (31 December 2017: US$ 3.8 billion). The Return on Average Equity (ROAE) for YTD Q3/2018, increased to 18.4%, compared to 16.7% achieved in YTD Q3/2017.

Mr. Hamad Al-Humaidhi, AUB Chairman, commented: “AUB’scontinued positive core performance is a testament to its well-managed business model based on diversification and cross border flows, supported by a continuous, dynamic and focused approach to ensure the effective deployment of capital resources across the AUB Group’s current and targeted markets.”

The press release and full set of the interim condensed consolidated financial statements for the period ended 30 September 2018 are available on the Bahrain Bourse ,Boursa Kuwait and AUBwebsites.

The resultant basic earnings per share were US cents 7.7 for the year ended 31 December 2017 (2016: US cents 7.2). The Board of Directors has recommended distribution comprising a cash dividend of US cents 4.5 per share (2016: US cents 4.5 per share) together with a bonus ordinary share issue of 5% (2016: 10%).

Mr. Hamad Al-Humaidhi, AUB Chairman, commented: “AUB continued its solid performance in 2017 against the backdrop of continuing global and regional business volatility. Sustaining AUB’s growth in net profit demonstrates its strong underlying fundamentals and the resilience of its diversified business and geographic model.

“While operating challenges remain, I am cautiously optimistic that AUB is well positioned and prepared to meet the challenges arising out of evolving market conditions both regionally and globally and to maintain its growth momentum into 2018” added Mr. Al-Humaidhi.

AHLI UNITED BANK B.S.C. REPORTS A NET PROFIT OF US$ 357.4 MILLION ATTRIBUTABLE TO OWNERS OF THE BANK FOR H1/2018

Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders of US$ 357.4 million for the six months ended 30 June 2018. The net profit reflected a robustgrowth of 14.8% in H1/2018 as compared to the net profit of US$ 311.3 million achieved in H1/2017. The Q2/2018 net profit of US$ 182.7 million represents a 20.3% improvement over the Q2/2017 quarter reported profit of US$ 151.9 million. The Basic Earnings per Share (EPS) in H1/2018 were US 4.3 cents, compared to US 3.7 cents in H1/2017 (EPS US 2.1 cents in Q2/2018 versus US 1.7 cents in Q2/2017).

Net interest income improved by 12.3% to US$ 467.2 million during the first six months of 2018 (Q2/2018: +12.3% versus Q2/2017) driven by improved margins and prudent growth in loanand investments. Increases in net interest income and other fee, trading and investment income resulted in a rise in operating income by 11.8% (Q2/2018:+16.0% versus Q2/2017).Furthermore, adoption of a consistent and disciplined intelligent spend approach together with operational efficiencies resulted in a lower cost to income ratioof26.1% (H1/2017: 27.3%).

Solid asset quality levels were sustained withagross non-performing loans ratio of2.0% (31 December 2017: 1.9%) while specific provision coverage ratio increased to 89.2% (31 December 2017: 85.1%). The total provision coverage ratio,inclusive of expected credit loss provisioning under IFRS 9 but excluding significant non-cash collaterals available,improvedto 228.9% as at 30June 2018 (31 December 2017: 154.3%).

The Group’s Return on Average Equity (ROAE) for H1/2018, increased to 18.8%, compared to 16.7% achieved in the first half of 2017. Return on Average Assets also increased to 2.3% for H1/2018 (H1/2017: 2.1%).

Mr. Hamad Al-Humaidhi, AUB Chairman, commented: “Our results demonstrate AUB’s strong ability to deliver sustainable core earnings on a consistent basis through its diversified business initiatives and strategic investments across the Gulf and MENA region. Growth wasunderpinned byrobust risk management, effectivecost efficiency measures and continuingfocus on the sourcing of remunerativecross border business flows.”

Mr. Al-Humaidhialso commented that “the MOU signed today with Kuwait Finance House (KFH) provides a non-bindingframework to explore the establishment, in a structured manner, ofa major regional banking institutioncapable of competing more effectively in itsexisting and new potential markets.”

He explained that the proposed transaction comprised three stages. The first stage involves both banks agreeing a fair exchange ratio for their shares based on valuation studies to be conducted by the selected international investment banks. Subject to suchagreement on valuation and securing the necessary regulatory approvals, the second stage would commence in terms of conductingdetaileddue diligence on both banks with a view to finalizing the share exchange ratio. The third stage will involve the assessment of the business prospects and opportunities of the combined entity and the submission of necessary applications to secure the requiredregulatory and statutory consents to consummate the combination.

Mr. Al-Humaidhi added“The signed MOU is in line with the longstanding strategy adopted by AUB’s Board of Directors since inception in 2000, for pursuinginorganic growth in our targeted markets through mergers and acquisitions. This particular transaction involves a potential transformational deal to create a market leader in the regional and global banking space and to provide a very solid platform for achieving shareholder aspirations”.

AHLI UNITED BANK B.S.C. REPORTS A NET PROFIT OF US$ 174.7 MILLION ATTRIBUTABLE TO OWNERS OF THE BANK FOR Q1/2018

Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders of US$ 174.7 million for the quarter ended 31 March 2018. The net profit reflected an increase of 9.6% in Q1/2018 as compared to the net profit of US$ 159.4 million achieved in Q1/2017. The Q1/2018 net profit also represents a 16.5% improvement over the Q4/2017 trailing quarter reported profit of US$ 150.0 million. The Basic Earnings per Share in Q1/2018 were US 2.2 cents, compared to US 2.0 cents in Q1/2017.

Net interest income improved by 12.4% to US$229.3 million during the quarter driven by loan and investments growth besides improved margins.Operating income grew by 7.5% which together with consistent application of operational efficiencies resulted in the Bank’s cost to income ratio of25.9% (Q1/2017: 27.0%).

Solid asset quality levels were sustained with a non-performing loans ratio of1.9% (31 December 2017: 1.9%) while specific provision coverage ratio increased to 87.1% (31 December 2017: 85.1%). The total provision coverage ratio inclusive of expected credit loss provisioning under IFRS 9 but excluding available significant asset collaterals, improved to 219.2% as at 31 March 2018 (31 December 2017: 154.3%).

The Group’s Return on Average Equity (ROAE) for Q1/2018, increased to 18.2%, compared to 17.0% achieved in the first quarter of 2017. Return on Average Assets also increased to 2.3% for Q1/2018 (Q1/2017: 2.2%).

Mr. Hamad Al-Humaidhi, AUB Chairman, commented: “Our results demonstrate AUB’s resilience and ability to deliver sustainable core earnings on a consistent basis under its diversified well managed business model and through its strategic investments across multiple markets, assisted by robust risk management, effectivecost control measures and ongoing focus on the sourcing of cross border business flows.”

Ahli United Bank B.S.C. Reports A Net Profit Of Us$ 618.7 Million Attributable To The Owners Of The Bank For 2017 

Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders of US$ 618.7 million for the year 2017, representing a growth of 8.4% as compared to a net profit of US$ 570.6 million in 2016. The net profit in Q4/2017 was US$ 150.0 million as compared to US$ 128.5 million in Q4/2016.

Net operating income increased from US$ 986.6 million to US$ 1,030.4 million in 2017 (+ 4.4%), driven largely by a rise in net interest income (NII) of 5.8% to US$ 876.5 million (2016: US$ 828.2 million). The NII increase was achieved through higher spreads resulting from focused balance sheet management together with prudent growth in asset volumes within acceptable risk criteria. The disciplined cost culture within the AUB Group resulted in a cost income ratio of 28.8% (2016: 27.6%).

The Group’s total assets grew by US$ 1.9 billion (+6.1%) to reach US$ 33.2 billion by 2017 year-end. This is attributable to a 4.8% growth in the loans and advances portfolio to US$ 19.5 billion (31 December 2016: US$ 18.6 billion) and a 7.8% growth in the investments portfolio to US$ 6.0 billion (31 December 2016: US$ 5.6 billion) to ensure a balanced funding profile.

Asset quality improved resulting from focused recovery initiatives during 2017. The non-performing loan ratio improved to 1.9% as at 31 December 2017 as compared to 2.3% as at 31 December 2016 while maintaining a very solid specific provision coverage ratio of 85.1% (31 December 2016: 84.9%). The total provision coverage ratio was 154.3% (2016: 155.6%), excluding available significant asset collaterals against these exposures.

Overall Return on Average Equity (ROAE) increased to 16.5% (2016: 15.6%) while the Return on Average Assets (ROAA) increased to 2.1% (2016: 1.8%).

The resultant basic earnings per share were US cents 7.7 for the year ended 31 December 2017 (2016: US cents 7.2). The Board of Directors has recommended distribution comprising a cash dividend of US cents 4.5 per share (2016: US cents 4.5 per share) together with a bonus ordinary share issue of 5% (2016: 10%).

Mr. Hamad Al-Humaidhi, AUB Chairman, commented: “AUB continued its solid performance in 2017 against the backdrop of continuing global and regional business volatility. Sustaining AUB�s growth in net profit demonstrates its strong underlying fundamentals and the resilience of its diversified business and geographic model.

While operating challenges remain, I am cautiously optimistic that AUB is well positioned and prepared to meet the challenges arising out of evolving market conditions both regionally and globally and to maintain its growth momentum into 2018” added Mr. Al-Humaidhi.

AHLI UNITED BANK B.S.C. REPORTS H1/2017 PROFIT OF US$ 311.3 MILLION ATTRIBUTABLE TO THE EQUITY SHAREHOLDERS

Ahli United Bank B.S.C. (AUB) reported a record net profit of US$ 311.3 million for the half year ended 30 June 2017, up 3.4% compared to the net profit of US$ 301.2 million in H1/2016. The Q2/2017 net profit of US$ 151.9 million represents a 3.6% improvement over the Q2/2016 reported profit of US$ 146.6 million. The Basic Earnings per Share in H1/2017 were US 3.9 cents, as compared to US 3.8 cents in H1/2016.

Net Interest income improved by 2.1% year-on-year driven by loan growth and improved margins. Despite generally weak operating conditions, loans recorded moderate growth across the AUB Group funded through an increase in customer deposits, while deploying the additional liquidity surplus into investment grade securities. Operating results were supported by the Bank’s sustained cost efficiencies achieving a cost to income ratio of 27.5% (H1/2016: 27.5%).

The non-performing loans ratio stood at 2.4% (31 December 2016: 2.3%) with an unchanged 85% specific coverage ratio. The total provision coverage ratio, inclusive of collective impairment provisions, was 153.3% as at 30 June 2017 (31 December 2016: 155.6%).

The AUB Group’s Return on Average Equity (ROAE) for H1/2017, increased to 16.7%, compared to the ROAE of 16.6% achieved in the half year of 2016. Return on Average Assets also improved to 2.1% (H1/2016: 1.9%).

Mr. Hamad Al-Humaidhi, AUB Chairman, commented: “Our results demonstrate AUB’s ability to deliver sustainable core earnings on a consistent basis through its diversified strategic investments across the Gulf and MENA region. Growth was prudently achieved across all our business segments, assisted by robust risk management, tight cost containment measures and focus on the sourcing of cross border opportunities”.

AHLI UNITED BANK B.S.C. REPORTS A Q1/2017 PROFIT OF US$ 159.4 MILLION ATTRIBUTABLE TO THE EQUITY SHAREHOLDERS

Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders of US$ 159.4 million for the quarter ended 31 March 2017. The net profit reflected an increase of 3.1% in Q1/2017 as compared to the comparative net profit figure of US$ 154.6 million achieved in Q1/2016.

The Q1/2017 net profit also represents a 24.0% improvement over the Q4/2016 trailing quarter reported profit of US$ 128.5 million. The Basic Earnings per Share in Q1/2017 were US 2.1 cents, same as in Q1/2016. Given the continuing weak operating environment, AUB focused on optimizing its balance sheet management strategy resulting in an increase in net interest income by 1.4% to US$ 204.1 million during the quarter. The cost to income ratio improved to 27.3% (Q1/2016: 27.7%).

Solid asset quality levels were sustained with the non-performing loans ratio improving to 2.2% (31 December 2016: 2.3%) and the specific provision coverage ratio increasing to 85.3% (31 December 2016: 84.9%). The total provision coverage ratio, inclusive of collective impairment provisions, was 159.7% as at 31 March 2017 (31 December 2016: 155.6%).

The Group’s Return on Average Equity (ROAE) for Q1/2017, increased to 17.0%, compared to 16.9% achieved in the first quarter of 2016. Return on Average Assets also increased to 2.2% for Q1/2017 (Q1/2016: 2.0%).

Mr. Hamad Al-Humaidhi, AUB Chairman, commented: “AUB’s continued growth trajectory in its performance for Q1/2017 is underpinned by our focus on sustainable earnings across multiple markets. AUB’s diversification in its major operating markets and its continued success in expanding cross border business flows between these markets has helped achieve its growth in net profit after tax for Q1/2017, while maintaining solid asset quality parameters.”

Ahli United Bank’s AGM approves 18% cash and 10% bonus shares distributions

Ahli United Bank B.S.C has today held its Annual General Meeting and its Extraordinary General Meeting at the Bank’s headquarters in Seef District, Kingdom of Bahrain. The meetings were presided over by AUB’s Chairman Mr. Hamad Al-Humaidhi and were attended by shareholders representing 80.57% of Bank’s shares.

The AUB AGM approved the distribution of a cash dividend of 18%, amounting to US$ 4.5 cents per share (similar to fiscal 2015) and totaling US$ 309.1 million, and an increased 10% bonus share issue (ten shares per 100 ordinary shares) to shareholders registered as of 29 March 2017.

AUB’s shareholders have also agreed the appointment of Mr. David Hodgkinson as an expert independent director to the Board. Mr. Hodgkinson enjoyed a longstanding and prestigious career in international and regional banking, mostly with the HSBC group where he held a number of senior positions; including Group Managing Director & Chief Operating Officer and Chairman & Chief Executive of HSBC Bank Middle East Limited.

At their Extraordinary General Meeting held on the same day, AUB’s shareholders have voted to increase the Bank’s authorized capital from US$2 billion to US$2.5 billion divided into 10 billion shares of US 25 cents par value each to provide room for future capital increases. They also resolved to extend by two years their standing authorization for the Board of Directors to decide on the timing, pricing and terms of the issuance of up to US$ 4 billion in bonds, loans or other similar subordinated financial instruments, as necessary to support the growth plans of the Bank.

Reporting to shareholders, Chairman Al-Humaidhi said: “Despite the continuing economic and security challenges in some of our key operating markets, I am pleased to report another excellent performance in 2016. Consolidated net profit grew by 6.2% to US$ 570.6 million, on the back of sustained strong and broad-based earnings momentum, with total operating income increasing by 5.2% to US$ 1,149.0 million for 2016”.

“In March 2016, the AUB Group launched its banking operations in the Dubai International Financial Centre (DIFC), UAE through incorporating Ahli United Bank Limited (AUBL), a 100% subsidiary of AUB. This launch, pursuant to a Category 1 license granted by the Dubai Financial Services Authority (DFSA), enables AUB Group to offer corporate banking, private banking, wealth management, trade finance, treasury and cross-border financial products and services to clients based in the UAE as well as in the wider Middle East region. The expansion into the UAE market is in line with AUB Group’s strategy to develop integrated banking presences in all the Gulf markets and to act as a preferred regional intermediary for its clients particularly in terms of arranging their cross border banking needs”.

“We are also very pleased that AUB was named ‘Bank of the Year, Middle East, 2016’ for the second time by The Banker magazine, a subsidiary of the UK-based Financial Times Group, in recognition of the Bank’s strong financials as well as of the wide range of initiatives it undertakes across the region”.

AHLI UNITED BANK B.S.C. NET PROFIT SURGES BY 6.2% to US$ 570.6 MILLION

Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders of US$ 570.6 million for the year 2016, representing a growth of 6.2% compared to a net profit of US$ 537.2 million in 2015. The net profit in Q4/2016 was US$ 128.5 million as compared to US$ 118.0 million in Q4/2015.

Despite the continuing general weakness in the regional and global economies, the positive operating results of AUB were underpinned by prudent risk taking, effective asset and liability management and judicious cost controls. Net interest income (NII) grew by 1.7% from US$ 814.7 million to US$ 828.2 million. The NII increase was achieved through a prudent re-deployment of funds within a conservative and diversified risk framework. Fees, commissions & other income grew by 9.7% (+ US$ 15.4 million) to US$ 173.3 million. As a result, total operating income grew by 5.2% to reach US$ 1,149.0 million (2015: US$ 1,091.9 million). The intelligent cost spend discipline instilled across all AUB Group units was sustained resulting in an improvement of the cost income ratio to 27.8% (2015: 28.3%).

The non-performing loan ratio was contained at 2.3% as at 31 December 2016 while maintaining a very solid specific provision coverage ratio of 84.9% (31 December 2015: 84.6%). The total provision coverage ratio was 155.6% (2015: 181.9%).

Overall Return on Average Equity (ROAE) increased to 15.7% (2015: 15.6%) while the Return on Average Assets (ROAA) increased to 1.8% (2015: 1.7%).

The resultant basic earnings per share were US cents 8.0 for the year ended 31 December 2016 (2015: US cents 7.7). Given the satisfactory results for the year, the Board of Directors has recommended distribution comprising a cash dividend of US cents 4.5 per share (2015: US cents 4.5) together with a bonus ordinary share issue of 10% (2015: 5%).

Mr. Hamad Al-Humaidhi, AUB Chairman, commented: “Despite the economic and security challenges faced in its operating markets, AUB continued its robust performance in 2016 maintaining growth in core earnings and operating net profit. The 2016 result is a testament to AUB’s well-managed business model based on diversification, targeting of cross border flows and selective growth initiatives to increase operating income that continue to serve AUB well.

During the year, AUB succeeded in expanding its geographic reach by opening its fully owned subsidiary Ahli United Bank Limited (AUBL) in Dubai International Financial Centre (DIFC), UAE. This launch enables AUB to offer corporate banking, private banking, wealth management, trade finance, treasury and cross-border financial products and services to its clients based in the UAE as well as in the wider Middle East region. All these products and services are available on a conventional as well as on a Shari’a compliant basis through AUBL. The launch of AUBL represents an important addition to the AUB Group and a key step forward in pursuing its defined strategy of targeted regional expansion, with emphasis on increasing cross border business flows.

In December 2016, AUB received for the second time the “Bank of the Year, Middle East” award from the UK based The Banker magazine. “

“While operating challenges remain strong, AUB looks forward to 2017 with focused plans and objectives to advance our regional strategy in a balanced and prudent manner” added Mr. Al-Humaidhi.

AHLI UNITED BANK NAMED “BANK OF THE YEAR – MIDDLE EAST 2016” BY ‘THE BANKER’

Ahli United Bank (AUB) has been recognised as “Bank of The Year – Middle East 2016” by The Banker, the world’s longest running international banking magazine and member of the Financial Times Group. This represents the second time that AUB has received this prestigious award.

The announcement was made at the official ‘Bank of the Year Awards 2016’ gala event, held recently in London and attended by senior bankers from around the world.

Aimed at rewarding and promoting industry wide excellence in the global banking community, the award’s judging panel noted that AUB has “made the most progress over the past 12 months; not only in terms of the bank’s strong financials, but also in the wide range of initiatives which the bank undertook during this period”.

The Banker listed the launch of a new wholly owned AUB subsidiary bank in Dubai International Financial Centre, increasing ownership of its insurance joint venture to 100%, increasing the paid-up capital in AUB’s Egyptian subsidiary and the full conversion of its Libyan affiliate to a Sharia-compliant bank despite a very challenging and operating environment as the key factors in winning the regional award. The Banker went on to say that this regional title “is testament to the strong management, sound business model and strategy of AUB”.

Accepting the award on behalf of AUB, Group CEO & Managing Director Adel El-Labban said:” We are honoured to receive this prestigious award from a leading authority such as The Banker for the second time. This repeat award is a fitting tribute to the continued loyalty and support of our shareholders and customers, to the dedication and professionalism of our team across the AUB Group and to our commitment to excellence in all our efforts to achieve our well defined business strategy and vision.”

El-Labban added: “AUB is very proud to be selected by the industry as a leader in regionalization initiatives and for the recognition given to its various ongoing organic and inorganic business development initiatives across its home markets in the GCC and MENA countries.”

AUB NET PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS SURGES BY 5.5% TO US$ 442.1 MILLION FOR THE PERIOD ENDED 30 SEPTEMBER 2016

Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders of US$ 442.1 million for the nine months ended 30 September 2016, an increase of 5.5% as compared to US$ 419.2 million achieved in YTD Q3/2015. The net profit achieved for the third quarter of 2016 was US$ 140.9 million, similar to 2015 third quarter reported profit of US$ 140.9 million. The Basic Earnings per Share in YTD Q3/2016 increased to US 6.3 cents, from US 6.2 cents in YTD Q3/2015.

The growth in net profit of AUB was underpinned by the growth in its total assets to US$ 35.8 billion (+5.3%) from US$ 34.0 billion at 2015 year end. Net interest income grew by 2.5% from US$ 604.8 million to US$ 619.7 million. Fees, commissions & other income grew by 4.9% from US$ 123.2 million to US$ 129.3 million. As a result, net operating income increased by 5.2% to reach US$ 763.7 million. With the continued application of our “intelligent spend” policy, operating expenses were contained at US$ 235.1 million (+2.4%) resulting in a cost to income ratio of 28.3% (YTD Q3 / 2015: 27.5%).

Asset quality parameters continued to be healthy with a non performing loans ratio of 2.1% backed by a conservative total provision coverage ratio of 173.2%, inclusive of collective impairment provisions. With collaterals, the coverage ratio increased to 287.8%.

The Group’s Return on Average Equity (ROAE) for YTD Q3/2016 increased to 17.0%, based on improved operating results as compared to 16.7% achieved in the prior period. Return on Average Assets was higher at 1.9% for YTD Q3/2016 (YTD Q3/2015: 1.8%).

Mr. Hamad Al-Humaidhi, AUB Chairman, commented: “Despite tighter fiscal policy and weaker private sector activity resulting in lower liquidity in the banking system and moderate regional economic growth, AUB sustained its positive core performance trend in the first nine months of 2016. AUB’s growth is a testament to AUB’s well-managed business model based on diversification and cross border flows and of the success of its selective growth initiatives to increase profitability and mitigate risk challenges in its target markets.”

“In October 2016, the Ahli United Bank K.S.C.P., AUB’s subsidiary in Kuwait, successfully completed a US$ 200 million issue of Additional Tier 1 Perpetual Basel III Compliant Sukuk. The Issue was well received in international markets with more than three times subscription. This also represents a clear testimony of the AUB Group’s strong credentials among prime international and regional investors as a well-managed, successful and creditworthy financial institution. AUB will continue to seek, identify and tap organic as well as inorganic growth opportunities within an acceptable risk‐return framework. ” added Mr. Al-Humaidhi.