Themed 'Content for Good,' the event will take place from January 11 to 13, 2025
uae2 hours ago
The Bank’s reported net profit of $255.7 million for the year (2007: $296.3 million) was impacted by increased levels of specific and precautionary provisions taken in light of the prevailing adverse operating environment.
The results include a higher level of net loan loss provisions of $96.8 million (including $41.6 million of additional collective impairment general provisions charge) to ensure adequate coverage of problematic exposures and maintenance of asset quality in a prudent manner (2007 - net loan loss provision: $24.4 million).
This resulted in incurring a loss of $24.4 million in the last quarter of the year ($70.4 million profit in Q4 2007). The Bank maintained a prudent 90 per cent specific provision coverage of its non-performing loan portfolio at
Non-performing loans to total loans stood at 1.9 per cent (as compared to 1.2 per cent in
Total assets of $23.6 billion grew by 2.6 per cent in 2008 (2007 - US$ 23.0 billion) as the bank focused on liability management particularly increasing its client deposits.
Client deposits rose by 22.2 per cent to $13.2 billion (2007: $10.8 billion) with strong deposit growth achieved from retail and non retail depositors reflecting our clients’ strong underlying confidence in the Bank.
AUB was also able to secure extended refinancing for two years of $800 million out of its existing medium term syndicated loan facility from
“While 2009 remains a very challenging year ahead, we nevertheless see opportunities on a number of fronts. One of these will be our entry into offering life insurance products and services across the region. Following the recent approval by the Central Bank of
Themed 'Content for Good,' the event will take place from January 11 to 13, 2025
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