Ahlibank Q1 net profit up 12.5% to QR169.7mn

Ahlibank has posted a first quarter net profit of QR169.7mn, up 12.5% on the same period last year. Total loans and advances stood at QR21.4bn in the first quarter, up 1% on December, 2014. The return on average assets stood at 2.31% compared with the ROAA of 2.15% for the year that ended in 2014, Ahlibank said. Ahlibank’s total assets stood at QR28.5bn in the first quarter. The return on average equity (ROAE) improved to 16.4% compared to the ROAE of 15.5% in 2014. Ahlibank said its total operating income reached QR270.9mn in the first quarter, up 18.9% on Q1, 2014.This is supported by a growth in the net interest income and non-interest income, both increasing by 11.8% and 45.2% respectively over the first quarter of 2014.The bank’s cost to income ratio stood at 26.8% in Q1, 2015 compared with 29.5% in the same period in 2014.This, Ahlibank said reflects its “ability to contain cost, despite investments in branding and infrastructure.” The bank’s non-performing loans ratio (NPL) stood at 1.16% as of March 2015, “reflective of high asset quality”.Customer Deposits “temporarily fell” to QR17.27bn, reflecting “competitive pressure” on liquidity in the domestic market. However, stable funding as a percentage to total liabilities improved to 6.6% in March compared with 6.1% in December 2014, Ahlibank said.On the results, Ahlibank chairman and managing director Sheikh Faisal bin AbdulAziz bin Jassem al-Thani said, “Despite world economic challenges, we continued the progress of previous years with another robust financial performance. Capital adequacy improved due to bonus dividend in December 2014 with return on average qquity standing at 16.4%.  “As recognition to Qatar’s strong economy and our excellent performance, Fitch Ratings has upgraded the bank’s Long Term Foreign Currency Rating to ‘A+’ from ‘A’ in March 2015”.“As we move through 2015, we will maintain financial discipline; optimise our resources and invest in the bank’s infrastructure to be closer to customers and also to ensure that internal controls are in place at all levels of operations. We are grateful to the government for its visionary leadership and to the Qatar Central Bank for its continued support and guidance,” Sheikh Faisal added.