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Sheikh Faisal:Strong proof of our commitment |
“The profit achievement is a strong proof of our commitment to deliver value to shareholders, through a closer partnership between us and our customers and other stakeholders,” said Sheikh Faisal bin A. Aziz al-Thani, Ahlibank Qatar chairman.
The bank’s net interest earnings, including that from Islamic financing, grew by 27% to QR297mn in the first half of this year.
Acknowledging that its Islamic operations have been a “review” mode in compliance with Qatar Central Bank’s new guidelines on Islamic branches, Sheikh Faisal said “we are progressing in devising a workable plan by year end that shall recognise our customers’ interest when we close this Islamic window.”
“Despite the several challenges banks may have faced in the first half of this year amongst them the Arab Spring affecting their customers’ confidence, or market forces threatening our lending margins, we have achieved 28.2% net profit growth compared to last year’s first half,” Ahlibank Qatar CEO Salah Murad, said.
Net fee and commission income surged 13% to QR50.69mn, dividend income by 95% to QR3.67mn and other operating income by 47% to QR1.68mn, according to its financial statement filed with the Qatar Exchange.
The bank’s total operating income grew by 22% to QR363.30mn despite a 30% fall in net gains from dealing in foreign currencies to QR8.45mn and 41% in net gain on sale of financial investments to QR1.53mn.
The provisions for impairment on loans and advances rose by 2% to QR21.28mn and general and administrative expenses by 14% to QR92.56mn.
Total assets were valued at QR17.36bn on a capital base of QR700.78mn and earnings-per-share was QR3.49 at the end of June 30, 2011.
The bank’s return on equity to shareholders stands at 21.7% and that on assets at 2.8% during January-June this year.
Loans and financing portfolio stood at QR11.06bn and customer deposits at QR12.2bn.