Ahlibank posts QR500.78mn net profit for nine months
Ahlibank chairman and managing director Sheikh Faisal bin AbdulAziz bin Jassem al-Thani said the bank continues to enjoy favourable ratings from the top international credit rating agencies
Ahlibank has posted a net profit of QR500.78mn for the nine month period up to September.
On the results, Ahlibank CEO Hassan Ahmed AlEfrangi said, “The bank delivered another stable result with all key performance indicators showing positive trends.”
AlEfrangi said, “The bank successfully completed the fourth bond issuance for $500mn under its $2bn EMTN Programme in the international debt capital markets. This as a continued vote of confidence from international investors, in both Qatar and Ahlibank. Ahlibank managed to get a competitive coupon rate of 1.875% with an order book that was oversubscribed nearly 3.2 times and a healthy geographical spilt of international investors. The non-Mena investors took 90% of the allocations.
AlEfrangi added that business development initiatives and technology and digitisation programmes are on track, as well as the focus on Qatarisation and increasing the percentage of Qataris continues to be the key area in line with 2030 Qatar National Vision.
Ahlibank chairman and managing director Sheikh Faisal bin AbdulAziz bin Jassem al-Thani stated, ”Total assets went up from QR42,025mn to QR48,303mn, recording a 15% growth from September 2019 levels. Loans and Advances went up from QR29,732mn to QR34,816mn, recording a 17% growth from September 2019 levels. Net Interest Income increased by 16% from September 2019 levels.”
Sheikh Faisal noted, “Ahlibank continues with its conservative policy for loan loss provisioning by increasing the net provisions charge to QR142.6mn as at end of September 2020 from QR52.2mn for the same period in 2019. The additional provisions were taken as a precautionary measure to meet the Covid-19 pandemic and economic challenges. The bank continues to enjoy favorable ratings from the top international credit rating agencies.”
Sheikh Faisal bin AbdulAziz bin Jassem al-Thani added, “I would like to thank everyone who has contributed to these good results. I also want to thank the Qatar Central Bank for their leadership and continuous support.”