Ahlibank H1 net profit up 11.8% to QR302.7mn

Registering growth across all portfolios of its business, Ahlibank posted a first half (H1, 2014) net profit of QR302.7mn, up 11.8% on QR270.7mn in the same period in 2013.

The bank’s total assets stood at QR28.48bn in June this year, up 15.2% on QR24.71bn in the same period last year, Ahlibank’s H1 financial results published here yesterday show.

Loans and advances grew by a “healthy” 22.4% to QR19.4bn in H1 compared with QR15.8bn in the same period last year.

Customer deposits increased by 18.4% to QR20.7bn in the first half of this year, compared with QR17.5bn registered in June last year.

There was a ‘positive decline” in Ahlibank’s non-performing loans with the NPL ratio dropping to 1.3% in June this year compared with 2.4% in the same period in 2013.

Ahlibank’s return on average equity (ROAE) stood at 16.4%, and placed the bank above the industry average. The bank also saw a return on average assets (ROAA) of 2.3% in June.

Ahlibank chairman and managing director Sheikh Faisal bin Abdul-Aziz bin Jassem al-Thani said: “Ahlibank’s recent strong financial performance matches Qatar’s economic progress of steady and consistent growth. As a Qatari-owned bank, we have committed to engage our resources to serve the community in Qatar through better service and a combination of platforms.

“Our new guiding principles embrace change through modernising our customer delivery platforms, yet keeping things simple, open and friendly. Our vision is to be at the heart of the community, a journey that started over 30 years ago”.

“In recognition of our financial standing, Fitch Ratings has upgraded the bank’s Long Term Foreign Currency Rating to ‘A’ from ‘A-’ and the Short Term Foreign Currency Rating to ‘F1’ from ‘F2’ in April this year with a stable outlook. Capital Intelligence, in December 2013 has raised Ahlibank’s long term foreign currency rating to A from A-, while affirming the short term foreign currency rating at A2. Financial strength rating has been upgraded to A- from BBB  and support rating to 1 from 2. These ratings bear testament to Ahlibank’s strong underlying business fundamentals, realised through effective and focused execution of its well-defined strategies”.  

Ahlibank said: “We have launched our new brand identity, with a new essence being ‘at the heart of the community’ with a promise to deliver “the most personal banking experience. We continue to be an active player in the financing of the country’s infrastructure projects, and the funding requirements of the major trading companies.

“We have made great strides in attracting local talent as well as putting them in a well defined career path, thereby building a new generation of Qatari cadre. The bank has continued its investments in its infrastructure. In doing so, we will be closer to our customers to deliver our brand promise while substantially improving efficiency and speed of transaction processing.”

Ahlibank chief executive officer Salah Murad said: “Our roadmap across all the business banking divisions is clear. We have concluded many milestones in the past six months in support of our market share expansion, addressing balance sheet structure, technology structure, and human capital capabilities. Going forward, we will invest in enhancing our internal controls so that we continue this successful journey uninterrupted. We are also thankful to the leadership of the Qatar Central Bank for their continued support”.