Middle Eastern Awards for Excellence 2012: By country
|Awards for Excellence 2012
Regional Awards for Excellence 2012: Middle East
All regions and countries
|Middle Eastern winners by country
Best Bank: Ahli United Bank
Before the Arab Spring, Bahrain’s status as a financial centre was already on the decline as Dubai’s star rose. The regional unrest tipped the balance even further in Dubai’s favour as mass protests broke out on the island, causing more bankers and tourists to flee for the relative safety of Dubai.
Ahli United Bank stood out, however, even as other banks based in Bahrain, both non-deposit wholesale institutions and onshore retail lenders, suffered. AUB cannot be blamed for Bahrain’s problems and, as the protests flared, some wondered how well it could cope.
But the firm’s back-up systems have proved robust.
The bank’s net profit rose 17% in 2011, reaching $310 million, its highest ever. AUB’s profit continued to rise in the first quarter of 2012. Return on equity increased to almost 13%.
The Egyptian revolution had a huge impact on the country’s economic stability, and hence on the financial sector.