MANAMA: Bahrain-headquartered ALUBAF Arab International Bank recorded a net profit of USD 19.2 million for the first nine months of this year, an increase of 47% over the same period last year, despite the challenging time faced by the Banking sector regionally and globally.

The bank is 99.38pc owned by Libyan Foreign Bank.

Net profit for the third quarter increased by 19% over the previous quarter. ALUBAF recorded net operating income of USD 23.2 MM for the nine months, a 40% increase from last time.A significant contribution was from net Interest income which increased by 72%. Income from fees and commission increased by 14% .The Cost to income ratio reduced by 4%, which also contributed to the net earnings.

ALUBAF continues its prudent and cautious strategy and maintains a strong capital adequacy and liquidity levels.”Despite recent political unrest in Libya and the UN sanctions imposed on the country’s financial institutions including our major shareholder Libyan Foreign Bank , ALUBAF has emerged strong with robust growth and performance and has averted having any doubtful loans, ”said general manager Ahmed Rajab.

The Bank continues to maintain high liquidity because of its prudent management restricting itself to dealing with international financial institutions in respect of Trade finance.The Bank acknowledges the continued support of Central Bank of Bahrain, he said.

Mr. Rajab said that he is certain that ALUBAF is well positioned to sustain the growth momentum and overcome challenges faced by the Banking sector.