Ahli United Bank (AUB) continues its regional expansion strategy with consistent growth in all key financial indicators. In 2006, it boosted net profits by 25.8% to $207.5m, expanded total assets by 49.9% to $20.8bn, increased Tier 1 capital by 23.5% to $1.2bn and produced an improved RoE of 15.1%, another year of record profitability.
AUB aims to establish an operating presence in each of the pan-Gulf Cooperation Council (GCC) states with a targeted 10%-20% market share. It has established a presence in four target countries, including Kuwait, Qatar and Iraq, and in the past 15 months has signed an agreement with Oman’s Alliance Housing Bank to acquire a 35% stake for $132m. It also increased its investment in Kuwait and Middle East Financial Investment Company from 48% to 61% and acquired a 49% stake in Ahli United Bank (Egypt), formerly Delta InternationalBank.
The bank also concluded a $1.2bn syndicated debt facility, attracted a $40m direct investment by the International Finance Corporation (IFC), introduced the Pan Asian Investment Fund, raising $186m, and provided a $150m murabaha financing for the Bahrain Bay project.
In 2007, it has produced record net profits for the first nine months of $225.9m, a 37.5% increase on the previous year and continuing the strategy of organic growth and regional acquisitions.
