August 2009

AHLI UNITED BANK (EGYPT) ANNOUNCES FIRST HALF RESULTS FOR 2009

Ahli United Bank (Egypt) (“AUBE”) announced its financial results for the first half ending June 30th, 2009.

The bank posted net income of EGP 107.3 million compared to EGP 106.9 million for the same period in 2008.

Net operating income was EGP 145.9 million, an increase of 11.2% over the same period in 2008, and total assets were EGP 7.3 billion. Gross loans to customers grew by 28.5% to EGP 4.2 billion over the same period in 2008.

Commenting on the results for the first half of 2009, James Goold, CEO and Managing Director of AUBE, said: “We continue to focus on developing the business in a conservative and sustainable manner. In the present uncertain conditions, marked by the unprecedented global credit crisis and a challenging business environment, AUBE has managed to maintain a secure financial position whilst growing our presence in Egypt with the opening of 6 new branches during the first half of this year.”

AUBE’s parent bank, Ahli United Bank B.S.C. (“AUB”) of Bahrain, continues to be recognized for its financial strength by the international financial industry. Recently AUB announced that the Bank’s Long Term Issue Credit Rating has been affirmed at 'A-' (stable) by Standard and Poor’s (S&P) Rating Service. S&P’s announcement complements AUB’s other long term ratings from Fitch Ratings ( A- Stable ) and Capital Intelligence ( A Stable ).

In an earlier ratings report issued in April 2009, S&P said that “the ratings on Bahrain-based Ahli United Bank B.S.C. (AUB) reflect its leading commercial position in the Kingdom of Bahrain (A/Stable/A-1), improved geographic presence than that of regional peers, and strong asset quality indicators”. S&P stated; “AUB is among the 20 largest banking groups in the Gulf”.