Wednesday 20 October 2010

UPDATE 1-Bahrain's Ahli United Q3 net surges 63 pct | Reuters

Bahrain's largest bank, Ahli United Bank AUBB.BH (AUB>, posted on Wednesday a 63 percent rise in third-quarter profits on higher income and lower loan provisions.

The bank said in a statement net profit in the quarter ended Sept. 30 was $65.2 million compared to $40.1 million in the year-earlier quarter.

Banks in the Gulf Arab region have posted higher quarterly profit as their books are not as burdened with provisions against bad loans as during 2009, the peak of the financial crisis in the Gulf.

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