Ahli United Bank
A respectable performance in 2002 accompanied by a successful expansionist strategy – both in and outside the country – are the reasons why Ahli United Bank has been judged as the best in Bahrain.
Despite a turbulent 2002, the bank boosted its net profit by 24% and its assets by 25%, while its efficiency ratio remained at a low 44.2%.
But even more impressive than its performance is Ahli United Bank’s expansionist strategy. Its initial aim is to gain a 10% cross-border presence in Persian Gulf states beyond Bahrain, including Kuwait, Oman, Qatar and United Arab Emirates. Once that is achieved, it wants to use the branches as a platform for retail banking and investment product sales.
In line with the strategy, the bank last year increased its stake in the Bank of Kuwait to 46%, providing it with a strong foothold in that market. It also completed a merger with Commercial Bank of Bahrain, which allowed it to increase its share of the local loans and deposits market to 21.5% from 16% formerly.
“These mergers will allow the bank to comfortably reach the critical mass that will enable us to achieve our ultimate objective of becoming the first pan-Gulf regional financial institution,” the bank said.
