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Best bank: Ahli United Bank |
The past year has been difficult for some of Bahrain’s leading banks. Both Gulf International Bank and Arab Banking Corporation fell victim to the US sub-prime crisis: GIB undertook a $966 million write-down, and Arab Banking Corporation wrote down $230 million.
Ahli United Bank suffered no such misfortunes. Instead it has delivered another strong performance. Net income in 2007 hit $296.3 million, 42.8% up on the previous year. Operating income rose by 35.3%, and the bank’s total assets increased by 10.8%. Addax Bank, which began operations in 2003, can boast more impressive growth. Profit in 2007, for example, was up by 71% on the previous year. But it is a much smaller institution – net income was only $20.2 million – and more focused on merchant banking and asset management.