Month: May 2005

MERGER OF AHLI UNITED BANK (BAHRAIN) B.S.C (c) WITH AHLI UNITED BANK B.S.C.

Ahli United Bank B.S.C (“AUB”) is the 100% shareholder of Ahli United Bank (Bahrain) B.S.C. (c) (“AUBB”) and is now proceeding to merge the business of the two banks.

AUBB, therefore, gives notice to all its customers, correspondents and all other parties having contractual relationships with it, and to the public generally that with effect 1 July 2005 all assets, liabilities and engagements of Ahli United Bank (Bahrain) B.S.C (c) will be transferred to AUB and therefore all contracts entered into with Ahli United Bank (Bahrain) B.S.C. (c) prior to that date will become contracts with AUB and no action will have to be taken by customers and correspondents to effect the transfer.

All Customers and correspondents and all other parties having contractual relationships with Ahli United Bank (Bahrain) B.S.C. (c) are, therefore, advised to contact AUBB on any of the following telephone numbers -17221781, 17290255 or 17736622, if they have any queries about the transfer and its effect on their banking and other relationships.

In accordance with article 315 of the Commercial Companies Law (Legislative Decree No. 21/2001) of Bahrain, any person having any claim against Ahli United Bank (Bahrain) B.S.C (c) may file an objection in writing addressed to Seef Head Office Branch PO. Box. 2424, Manama, Bahrain, within 60 days from the date of this notice.

Mr. Al-Rajaan concluded, “It is our aim to continue enhancing the Bank’s profile and reputation in the Gulf region so that we are recognized as a premier retail, corporate and private banking institution with established OECD asset origination and distribution capabilities.

AHLI UNITED BANK REPORTS A 17 % INCREASE IN NET PROFITS TO US$ 38.9 MILLION FOR THE FIRST QUARTER OF 2005

Ahli United Bank (AUB) has announced a net profit of US$ 38.9 million for the quarter ended 31 March 2005, an increase of 17 percent over the same period in 2004 (US$ 33.2 million).

Net interest and other income to 31 March 2005 was US$ 60.8 million (2004 – US$ 57.0 million), an increase of 6.6 percent, with a cost-to-income ratio of 32.7 percent (Q1 2004- 34.9 percent). Basic earnings per share was US cents 1.49, compared to US cents 1.28 in the corresponding period last year.

As of 31 March 2005, AUB’s total assets stood at US$ 8.43 billion on an enhanced regulatory capital base of US$ 1,456 million including US$ 443 million of net proceeds raised by issuing 1,000 million Class A preference shares effective 1January 2005. The resultant consolidated risk asset ratio stood at 22.2% well above the minimum regulatory requirements set by the Bahrain Monetary Agency.

“The bank achieved a strong performance in the first quarter of 2005, continuing its track record of increased profitability on a year on year basis since its inception in 2000.These results are in line with our increasing ambitions and financial targets,” said Fahad Al-Rajaan, Chairman of Ahli United Bank.

He added, “We have seen improving performance and volume growth over last year in an environment of intensifying competition in a rising interest rate environment. We remain optimistic in our outlook for the remainder of 2005 and we are working to further enhance our retail, private banking and wealth management, corporate, and treasury activities in the region.”

In addition, he stressed that the achievement underlined the effectiveness of AUB’s business model requiring growth through both the merger and acquisitions and organic routes as evidenced by the results of AUB’s investments in Bank of Kuwait & the Middle East, Ahli Bank and Future Bank.

Mr. Al-Rajaan concluded, “It is our aim to continue enhancing the Bank’s profile and reputation in the Gulf region so that we are recognized as a premier retail, corporate and private banking institution with established OECD asset origination and distribution capabilities.