Country Awards for Excellence 2022: Middle East
Best Bank: Ahli United Bank
Best Investment Bank: GFH Financial Group
It was a very strong year for Ahli United Bank (AUB), led by chief excutive Jehad Saud Al-Humaidhi. The Manama-based lender, which has 151 branches and more than 4,000 employees in eight countries, posted a net profit of $607.2 million in 2021 – a year-on-year jump of 34.3%. It followed that up by reporting net profit of $170.9 million in the first three months of 2022 – an annualized increase of 7.1% – thanks to higher net interest income, and trading and investment income.
Return on average equity came in at 14.2% at the end of March 2022, against 13.8% three months earlier, and 10.4% at the end of 2020. Non-performing loans and costs continue to inch down – the bank reported an NPL ratio of 2.4%