Al Ahli Bank

Al Ahli Bank SAOG (AHBB)

United Securities LLC1 Investment Research

FY2007 Result flash Jan 31, 2008

Al Ahli Bank reported a net profit of RO 2.219mn for FY2007; Customer deposits growth at 100%, Assets growth at 75% Al Ahli Bank

FY2007

FY2006

Growth %

Q42007

Q32007

Growth

Net Interest Income (RO ,000)

5,995

6,587

-9%

1,584

1,518

4%

Net Profit (RO ,000)

2,219

3,914

-43.31%

-565

898

-163%

Total Assets

305,967

175,178

74.66%

305,967

198,560

54%

Customer Deposits

152,146

76,270

99.48%

152,146

99,397

53%

EPS (RO)

0.003

0.019

-82%

-0.001

0.001

-163%

BVPS

0.125

0.151

-17%

0.125

0.152

-18%

ROE

3%

12%

-78%

-1%

3%

-125%

Key Stock Info Current Market Price Annualised P/E (x) P/BV (x) DPS

Result Summary 0.241

¾

70.2

¾

Dividend Yield

80,988

Paid up capital (RO ,000)

64,615

No of Shares (,000)

corporation. ¾

0.00%

Total equity

During FY2007, the bank had been transformed from a mortgage bank into a commercial bank with

inclusion of strategic alliance with the Ahli United Bank B.S.C and the international financial

1.9 0

Al Ahli Bank has reported net profit of RO 2.22mn for the financial year ended December 31, 2007 as against profit of RO 3.91mn achieved during the previous fiscal.

Share capital of the bank was increased from RO 21mn to RO64.62mn through a private placement to AUB and IFC. As a result, full year EPS stood at 3 baizas as against 19 baizas during the end of FY2006.

¾

The board of directors of the company has decided to retain the profits in the business in order to support future business growth.

646,150

Prepared by: Research Department, United Securities LLC, PB 2566, PC112, Ruwi, Oman e-mail: [email protected] Disclaimer: This report has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. While all care has been taken to ensure that the facts stated herein are accurate and the estimates, opinions and expectations contained herein are fair and reasonable, neither United Securities LLC, nor any of its employees shall be, in any way, responsible for the contents. This shall not be construed as an offer to buy or sell the investments referred to in this report