GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share

19 February 2019: Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders of US$ 697.5 million for the year 2018, representing a rise of 12.7% as compared to the net profit of US$ 618.7 million in 2017. The net profit in Q4/2018 was US$ 169.3 million as compared to US$ 150.0 million in Q4/2017. 

Operating income increased from US$ 1,119.4 million to US$ 1,210.6 million in 2018 (+ 8.1%). The growth in operating income, mainly driven by an increase in net interest income (NII) by US$ 64.1 million (+7.3%) to US$ 940.5 million (2017: US$ 876.5 million), was attributable to an increase in average interest earning assets and to the repricing and re-positioning of the loan portfolio, complemented by an effective interest rate risk management strategy. Net operating income increased from US$ 1,030.4 million to US$ 1,124.3 million in 2018 (+ 9.1%). 

Operating income in Q4/2018 was US$ 303.5 million as compared to US$ 294.2 million in Q4/2017 (+3.1%). Net operating income for Q4/2018 was US$ 279.1 million, higher by 6.7% compared to US$ 261.6 million in Q4/2017. 

The continued disciplined implementation of the intelligent spend approach and the benefits of growing operational efficiencies within the AUB Group resulted in a cost income ratio of 27.1% (2017: 28.8%). 

Solid asset quality levels were sustained with a gross non-performing loans ratio of 1.9% (31 December 2017: 1.9%) while the specific provision coverage ratio increased to 85.5% (31 December 2017: 85.1%). The total provision coverage ratio, inclusive of credit loss provisioning under IFRS 9 but excluding very substantial non-cash collaterals available, improved to 214.7% as at 31 December 2018 (31 December 2017: 154.3%). 

Overall Return on Average Equity (ROAE) increased to 18.1% (2017: 16.5%) while the Return on Average Assets (ROAA) increased to 2.2% (2017: 2.1%).

The Group's total assets grew by US$ 2.3 billion (+6.8%) to reach US$ 35.5 billion at 31 December 2018 driven by a growth in the non-trading investments portfolio to US$ 7.6 billion (31 December 2017: US$ 6.0 billion) as part of an overall strategy to further balance-sheet diversification and to enhance in-built liquidity sources. Asset growth was funded from an increase in customer deposits (+US$ 1.7 billion) and through repo borrowings (+US$ 0.6 billion). Equity attributable to the owners of the bank increased by 2.4% to US$ 3.9 billion in 2018 (2017: US$ 3.8 billion).
 
The resultant basic earnings per share increased by 12.2% to US cents 8.3 for the year ended 31 December 2018 (2017: US cents 7.4). The Board of Directors has recommended a distribution comprising of a cash dividend of US cents 5.0 per share (2017: US cents 4.5 per share) together with a bonus ordinary share issue of 10% (2017: 5%). 

Mr. Meshal Al-Othman AUB Chairman, commented: “AUB continued its solid performance in 2018 against the backdrop of a continuing general difficult operating environment. Achieving a very robust growth of 12.7% in net profit over 2017 demonstrates its strong underlying fundamentals and the resilience of its diversified business and geographic model.”

 



Posted by : GoDubai Editorial Team
Viewed 3849 times
Posted on : Tuesday, February 19, 2019  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Emirates NBD partners with noqodi to facilitate electronic payments for businesses.
Next Story : The Evolution of Digital Payment Methods
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Celebrate Mother's Day with the perfect gift from Sawalef Perfumes
The essence Guide to a Mother's Day done right!
Get Kylie Minogue's Youthful Complexation with The Organic Pharmacy's Rose Diamo...
Dubai Festival City Mall picks the perfect gifts to say thank you to all mums th...
Visa partners with Starbucks & Hardee's to help promote the use of Apple Pay in ...
Zoho sees over 100% market growth in the UAE, announces initiatives for the region
Trade-in Your Old Device for a brand new Galaxy S10
Desigual ‘Not the Same' Since 1984
Splash launches Regional Designer Collaborations
A major presence of the French cosmetics industry at Beauty World Middle East in...
Step up your make-up game for Spring/Summer '19 with Lottie London
Giti Tire Celebrates New Beginnings with Opening of First Middle East Flagship S...
TREND ALERT: Denim | Marks & Spencer
Michael Michael Kors Spring 2019: Middle East Edit
Fit and Fabulous – now a possibility with HONOR technology
Hucklebones create charming pieces for girls filled with easy-going elegance for...
Lulu Promotes Food Is Great Britain: A British Food Festival
HP Raises the Bar for Exciting and Secure Devices with Cutting Edge PC Innovations
Ericsson and UNESCO launch new global AI skill development initiative for youth
Cole Haan Delivers True Performance Footwear With the Release of the Zerøgr...
Malabar Gold & Diamonds actively participated in UAE National Sports Day conduct...
LG's Smart Kitchen Appliances Help Families Eat Healthy, Stay Fit and Waste Less
It just keeps getting better: Nokia 3.1 gets a fresh slice of Android 9 Pie
Coach presents Park Collection
Olivia Burton presents Sunlight Florals/Mothers and daughters collection
Etisalat AGM approves Full-year 2018 dividends of 80 fils per share
Meet HP Tango! The Home Printer Reinvented
Volvo Cars celebrates 60 years of sharing safety knowledge with open-for-all dig...
Epson's latest A4 business inkjets help businesses print more for less
Smiles, and Medals, All Round After Double Success for Team GB Siblings at World...
MOTIONGATE™ Dubai launches special treat for moms to celebrate Mother's Day on ...
HUGO BOSS Watches INTENSITY Collection
Fintech will radically improve financial health of people in the Gulf, say experts
Italian Design Day returns to Dubai with the theme Internet of Things
Jaguar F-Pace: 300 Sport and Chequered Flag Special Editions Join Award-winning...
New 2019 Cadillac CT6 makes its Middle East debut
Emirates Foundation's Think Science Fair kicks off in Fujairah
IKEA X TOM DIXON X YOU
The S Hotel Al Barsha to Debut at Arabian Travel Market
Dubai Cares' latest edition of Volunteer Emirates 2019 draws support for the Nat...
Finnovex ME to focus on disruptive innovations in banking and finance sectors
Saudi Arabia and Huawei sign 5 MoUs at the Saudi-Chinese Investment Forum
Applications now open for visiting students to take part in summer research at N...
Moms Eat Free on Mother's Day
Manzil and Repton school Dubai collaborate on sustainable art project
Ministry of Health launches 3rd phase of Heart Experts Programme
Team GB Cycling Star Kiera Byland Takes Gold Medal in Her First Race at World Ga...
Top Tips on choosing the perfect Coffee Table
Dubai Customs concludes 24th edition of Carpet & Art Oasis 2019
About TK' operations with B737 MAX type aircrafts