AUB reports 56% drop in Q1 net profit

May 6, 2014 9:35 am

Bahrain’s largest lender, Ahli United Bank (AUB) has reported a 56% drop in its first-quarter net attributable profit, as it failed to replicate the one-off gain achieved last year from its Qatari stake sale, Reuters has reported. The bank’s net attributable profit for the opening three months of 2014 was $136.6m, compared with $309.9m in the same period a year earlier. The bank booked a $212.9m gain in the first quarter of 2013 after selling a 29.4% stake in Qatar’s Ahli Bank to Qatar Foundation, a non-profit organisation, wholly-owned by the royal family.