Ahli United Bank marches on
Bank formed by the merger of Al-Ahli Commercial Bank and United Bank of Kuwait posts impressive first quarter 2000 profits
Ahli United Bank, parent of Al-Ahli Commercial Bank and United Bank of Kuwait, posted net profits of US $14.48 million for the quarter ended March 31, 2001.
The figure was an 11% increase over the same period in 2000 (US $13.4 million.)
“We are pleased with the level of profits generated during this quarter, a reflection of the bank’s ability to develop its business and enjoy merger synergies," said Mohammed Jalal, chairman of Ahli United Bank. “It was a good start for the year with the various business areas exceeding their budgets.”
Al Ahli and United Bank of Kuwait are amongst the first regional banks to have gone ahead with a merger and completed it successfully. These latest results build on 2000’s net profit of US $40.1 million for 2000.
The new merged entity isn’t standing still either. It announced recently that it’s taking a 15% stake in Bank of Kuwait & The Middle East.