ALUBAF Arab Internation Bank posted a net profit of $13m for the first nine months of fiscal, more than the double the $5m net profit it achieved during the corresponding period the year before. Annualised return on average equity was put at 10.4 percent. The Bank attributed the growth in net profit to increased revenue flow from all its business lines with net interest income climbing by 57pc and generating $7.5m. "The banks performance and results showed signs of quarter-on-quarter rise and year-on-year increase amidst a sluggish economic scenario. This positive and significant growth is driven by a focussed and prudent strategic plan," said Ahmed Rajab, its General Manager in statement yesterday. He exuded confidence that the momentum and growth would continue for the last quarter of the year and the next year. Total assets increased by 47pc to reach $1.079m and its loan portfolio amounted to S168m after a 59pc increase over 2009 end. Fee and commision rose by 214pc to $9.1m and the foreign exchange gain of $736,000 was five times more over the corresponding period last year.