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Ahli United Bank reports net profit of US$ 135.9 million for the first half of 2010
Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its shareholders of US$135.9 million for the six months ended 30 June 2010 (H1/2009: US$143.5 million), a 5.3% drop compared to the H1/2009 results. This includes the Q2/2010 profit US$70.2 million up by 6.8% over the trailing Q1/2010 quarter results of US$65.7 million.
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Ahli United Bank reports a net profit of US$ 65.7 million for the first quarter of 2010
Ahli United Bank B.S.C. (AUB) reported a net profit of US$ 65.7 million for the three month period ended 31 March 2010, a drop of 23.5% compared to the same period last year (Q/1 2009: US$ 85.9 million). This result represents a substantial rise of 284% over the trailing Q/4-2009 profit of US$ 17.1 million and reflects a strong improvement in core earnings net of exceptional items relative to the comparative period in 2009.
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Private Banking & Wealth Management

During the year, private banking and wealth management were experiencing increased competition - regionally and internationally, from existing banks and new participants including Islamic and conventional institutions, general market volatility and declining interest rates.

Against this background, significant progress was achieved in attaining new clients across the region, broadening our client base through Group acquisition, extending our offering through the introduction of innovative products and enhancing market coverage by team expansion and an efficient sales approach.

In addressing both the regional and wider requirements of our client base, we implemented the total relationship concept throughout our various private banking centres which compared successfully with the narrower focus of larger international competitors. While the marketing team within the Gulf completed wealth management certification, we expanded our strategic alliances in asset management and maintained the highest standards in regulatory compliance and best practice. In addition, a fully functional product offering in wealth management was successfully introduced to clients of AUB (Egypt).

In support of these activities, human resources in the different Private Banking centres were enhanced by new, highly qualified relationship managers while staff qualifications and capabilities were further strengthened by conducting intensive training courses and certification.

A range of new products, both structured and tailored, were launched as well as two real estate funds and other funds that offered clients a wider range of opportunities in different sectors, geographies and markets.

The focus going forward will embrace further enhancement to the wealth management package by providing diversified and innovative ranges of products, upgrading the service quality level and working with key partners to develop a warehousing capability and more Shari’a-compliant funds.