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Ahlibank's 2013 profit hits 'all-time high' of QR525.7mn

January 20, 2014

Ahlibank chairman and managing director Sheikh Faisal bin AbdulAziz bin Jassem al-Thani has said the bank's board of directors has proposed a 30% bonus shares (three shares for each 10 held) as dividend for 2013 Driven by a new growth strategy, Ahlibank posted an "all-time high" net profit of QR525.7mn in 2013, up 13% on QR465.2mn earned in 2012. The bank's total assets stood at QR26.17bn in 2013, up 27% on QR20.6bn in 2012. Net interest income as well as fees and commission income grew by 27.8% and 17.3% respectively, driven by growth in business volumes, Ahlibank's 2013 financial results showed yesterday. The bank's cost to income ratio stood at 32.3%, reflecting "calculated investments" being made to meet future expansion. Loans and advances grew by a healthy 23.5% to QR17.3bn last year compared with QR14bn in 2012. Customer deposits increased by 35.4% to QR18.9bn in 2013 compared with QR13.9bn in 2012. The bank's return on average equity (ROAE) and return on average assets (ROAA) were "strong" at 15.9% and 2.3% respectively, despite increased equity, following the issue of rights shares towards the end of 2012. Ahlibank had also seen the non-performing loans ratio (NPL) fall to 1.4% in December 2013 , compared to 3.2% in December 2012 . On the 2013 financial results, Ahlibank chairman and managing director Sheikh Faisal bin AbdulAziz bin Jassem al-Thani said, "The year has been a remarkable year of achievements. The all-time high profits, roll out and execution of new strategy, migration of various systems and Qatar Foundation's entry as a strategic investor in Ahlibank are the main highlights of 2013. "In recognition of our excellent performance, Capital Intelligence 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' ". Sheikh Faisal said, "Ahlibank's Board of Directors has proposed a 30% bonus shares (three shares for each 10 shares held) as dividend for 2013; the dividend proposal takes into account maximising shareholder return and preserving capital to meet the bank's growth aspirations". Ahlibank CEO Salah Murad said, "We look to 2014 with optimism. We will continue to focus on our home market to play an active role in supporting the upcoming infrastructure projects of Qatar in 2014 estimated to be $24bn . "Our retail business will receive increased attention for delivering a superior customer experience. Process automation is another recipe of success. Last but not least, is the development of young Qataris' talents to take up leading positions in the bank."


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Source: Gulf Times (Qatar)


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