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AUB achieves net profit of US$ 200.7 million for 2009
Ahli United Bank today announced its financial results for the year 2009. The Bank has achieved a 5% growth in total operating income which increased to US$ 696.4 million, supported by a 15.7% increase in net interest income to US$ 466.6 million (2008: US$ 403.1 million). Despite the tight liquidity and credit conditions that prevailed in the first half of 2009, the Bank successfully managed to contain its cost of funding through tight asset liability management and asset re-pricing resulting in improving Net Interest Margin from 2.1% (2008) to 2.4% (2009).
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Ahli United Bank increases ownership stake to 79.6% in Ahli United Bank (Egypt)
Ahli United Bank B.S.C. (AUB) announced an increase in its stake in Ahli United Bank, Egypt (AUBE) from 35.3% to 79.6%, completed through a formal tender offer to all AUBE shareholders. Fahad Al Rajaan, Chairman of AUB & AUBE commented “we are pleased by the increase and consolidation of our stake in AUBE. This was achieved by a path breaking innovated tender offer, applied for the first time in Egypt, providing all shareholders a choice between a full cash sale or a security exchange fully in a transparent and equitable manner”.
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