REG - Ahli United Bank BSC AUB Sukuk Limited - Annual Financial Report
28/02/2024 13:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240228:nRSb8128Ea&default-theme=true
RNS Number : 8128E Ahli United Bank B.S.C. 28 February 2024
Press Release
AHLI UNITED BANK B.S.C. (c) REPORTS A NET PROFIT OF
US$ 667.3 MILLION ATTRIBUTABLE TO OWNER OF THE BANK FOR THE YEAR ENDED 31
DECEMBER 2023
Release Date: 27 February 2024
Ahli United Bank B.S.C. (c) (AUB) reported a net profit attributable to its
equity shareholders of US$ 667.3 million for the full year 2023 that
represents a 22.2% increase over the 2022 reported profit of US$ 546.1
million.
In view of the amalgamation between AUBK and KFH that was completed on 22
February 2024, in accordance with IFRS 5, in AUB's 2023 financial statements
(FS), AUBK has been classified as "Held for Sale". Consequently, as required
under this standard, AUB's 2023 reported balance sheet is not consolidated on
a line-by-line basis and instead AUBK's total assets and liabilities are
disclosed in one line under assets and liabilities respectively. However, as
per specific IFRS 5 requirements, 2022 comparative figures have not been
restated and therefore includes AUBK numbers on a line-by-line basis.
The AUB Group's total assets as at 31 December 2023 increased by 0.8% to US$
41.9 billion (31 December 2022: US$ 41.6 billion) which includes US$ 14.6
billion representing total assets of AUBK.
The total financing receivable as at 31 December 2023 is reported as US$ 10.9
billion compared to US$ 21.2 billion. However, the total financing receivables
including AUBK's financing receivables at 31 December 2023 was US$ 21.2
billion, unchanged from 2022.
The non-trading investment portfolio is reported as US$ 10.2 billion compared
to US$ 10.0 billion at 31 December 2022. However, including AUBK's
non-trading-investments balance, overall non trading income showed a strong
growth to reach US$ 11.2 billion at 31 December 2023.
The increase in financing receivable and non-trading investments was primarily
supported by strong growth in customer deposits which increased to US$ 25.9
billion (including AUBK's customer deposits of US$ 11.9 billion) as at 31
December 2023 from US$ 24.4 billion in 2022.
The Group's equity attributable to owner as at 31 December 2023 increased by
4.8% to US$ 4.6 billion (31 December 2022: US$ 4.4 billion). Return on Average
Equity for 2023 increased significantly to 15.3% (2022: 12.3%) driven by
improved profitability.
The Board of Directors has recommended a distribution of a cash dividend of US
cents 2.5 per share (2022: US cents 2.5 per share), subject to AUB Annual
General Assembly approval.
The AUB Chairman, Hamad Al-Marzouq commented "AUB has achieved robust results
and sustained its excellent core performance in 2023 driven by its
well-managed business model based on diversification and cross border flows
seeking the effective deployment of capital resources across the AUB Group's
markets in a prudent and profitable manner. Our results are attributable to
the clearly defined vision of the bank and to the exemplary execution of its
business strategies by its dedicated management and staff."
He further added "During 2023, AUB Bahrain successfully converted to a
Shari'ah compliant bank. The bank obtained a new Islamic banking license from
the Central Bank of Bahrain and commenced its operations in Bahrain as an
Islamic Bank from 10 December 2023. Necessary steps to convert its other
banking subsidiaries to become Shari'ah compliant during 2024 are being
undertaken. This key milestone, post KFH acquisition, is in line with the
aspirations of its shareholder to further strengthen the position as a leading
Shari'ah compliant bank in the regional and global banking space."
He concluded by stating that: "We will continue to implement our strategic
plans in a focused manner with continued emphasis on meeting client needs to
fulfil the aspirations of all our stakeholders."
About Ahli United Bank (AUB)
Ahli United Bank B.S.C (c) (AUB) is a leading financial services provider,
incorporated in Bahrain in May 2000. AUB offers a full range of Shari'ah
compliant retail, commercial and private banking & wealth management
services in Bahrain and across the MENA region and the UK. AUB operates
through its Bahrain Head Office and its subsidiaries in Egypt, Iraq, and the
UK as well as its associates in Oman and Libya; and a branch in the UAE
(DIFC).
AUB is a 100% subsidiary of Kuwait Finance House K.S.C.P. ("KFH") a leading
pan-regional Islamic financial services provider. KFH is a public shareholding
company incorporated in the State of Kuwait on 23 March 1977 and its ordinary
shares are listed in the Boursa Kuwait and Bahrain Bourse. KFH is regulated
and supervised as an Islamic bank by the Central Bank of Kuwait.
Ends
The press release and full set of the consolidated financial statements for
the year ended 31 December 2023 are available on the AUB websites.
www.ahliunited.com (http://www.ahliunited.com)
http://www.rns-pdf.londonstockexchange.com/rns/8128E_1-2024-2-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8128E_1-2024-2-28.pdf)
Interim and annual financials – AUB (ahliunited.com)
(https://www.ahliunited.com/bh/Investor-Relations/Interim-and-annual-financials/)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END ACSSELFFAELSELE