CAIRO: Ahli United Bank (Egypt) announced its financial results for the first nine months of 2007. The bank posted net interest income of LE 131 million, a 35 percent increase over the same period in 2006, and net operating income of LE 195 million, an increase of 23 percent compared to the same period in 2006. Net profit increased by 23 percent to LE 117 million. Loans to customers increased by LE 932 million to LE 2,007 million, an increase of 87 percent compared to December 31, 2006. Total Assets grew by LE 1.1 billion (27 percent) to reach LE 5.1 billion. James Goold, chief executive officer and managing director of Ahli United Bank (Egypt), said, These financial results are a credit to the hard work of our staff and reflect the considerable progress that has been made since the beginning of 2007 in transforming the bank into a modern and dynamic financial institution. We have used this period to build our management team, modernize the bank s corporate governance and risk controls and launch a number of new products. The bank was branded as Ahli United Bank (Egypt) in July and "we have supported that with an extensive brand awareness campaign, added Goold. "There is still considerable work to be done to create the type of institution that we have the ambition to be; and with the support of our staff here in Egypt and our colleagues throughout the Ahli United group, we will create an institution that will offer our customers the level of service that they are entitled to and a bank that our staff and shareholders can be proud of, he said. In November 2007, Standard & Poor s Ratings Services revised its outlook on Bahrain-based Ahli United B.S.C. to stable from developing. At the same time, Standard & Poor s affirmed its A- long-term and A-2 short-term counterparty credit ratings on the bank.
