* Ahli United Q4 2011 profit $70.3 mln vs $64.4 mln in 2010
- statement
* FY 2011 profit $310.6 mln vs $265.5 mln previous yr
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DUBAI, Feb 21 (Reuters) - Ahli United Bank,
Bahrain's largest lender, posted a 9.2 percent rise in
fourth-quarter net profit, as provisioning dropped while
deposits and loans grew, the bank said on Tuesday.
The lender made a net profit of $70.3 million for the final
three months of the year, compared to a $64.4 million profit in
the same period in 2010, it said in a statement.
Full-year profit came in at $310.6 million, up 17 percent on
the $265.5 million profit recorded in 2010, the statement said.
"AUB continued its solid performance in 2011 against the
backdrop of a very challenging global business environment whose
risks are continuing," said Fahad al-Rajaan, chairman of AUB.
Provisioning dropped 14.4 percent to $129.8 million for
2011, although non-performing loans ticked up slightly to 2.5
percent from 2.4 percent in 2010.
Loans and advances advanced 7 percent to $15.5 billion in
2011, compared with $14.5 billion in the previous year.
Deposits grew 16.9 percent over the course to 2011 to $17.3
billion, as opposed to $14.8 billion at the end of 2010.
The board of directors recommended a cash dividend of $0.03
per share as well as a 5 percent bonus share issue.
Fitch Ratings affirmed the bank at BBB+ in early January on
its "solid operating profit despite the challenging operating
environment in some of its markets, sound liquidity and asset
quality, and the successful expansion of its franchise."
(Reporting by David French; Editing by Amran Abocar and Firouz
Sedarat)
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