News Column

Ahlibank's net profit QAR 302.7 million for H1 2014

July 14, 2014

Ahlibank (ABQK) has announced a net profit of QAR 302.7 million for the first half of 2014, up 11.8 per cent from QAR 270.7 million over the same period last year.

Net operating income grew by 14.4 per cent to QAR 462 million in H1 2014 over the corresponding period of 2013. The key drivers were high quality core banking income generated through a focused strategy on acquiring Qatar assets.

Net Interest Income and Non-Interest Income increased by 10.9 per cent and 28.5 per cent respectively over H1 2013. Cost to ncome Ratio stood at 30.9 per cent, reflecting continuous investments in the franchise to meet future business growth. Total Assets stood at QAR 28,478 million, witnessing a growth of 15.2 per cent over QAR 24,712 million as at June 2013.

Loans and advances grew by 22.4 per cent to QAR 19,405 million, compared with QAR  15,852 million as at 30 June 2013. Non-performing loans ratio (NPL) stood at 1.30 per cent as of June 2014, compared to 2.41 per cent in June 2013.

Customer Deposits increased by 18.4 per cent to QAR 20,749 million, over QAR 17,517 million recorded at 30 June 2013. ROAE was at 16.4 per cent, places the bank above the industry average. ROAA recorded at 2.3 per cent, with emphasis on earnings over size.

Commenting on the results, Sh. Faisal Bin A. Aziz Al Thani, Chairman and Managing Director of Ahlibank stated, "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 thirty years ago."

The Chairman added, "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."

Mr. Murad, the Chief Executive commented, "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. Last but not least, we are thankful to the leadership of the Qatar Central Bank for their continued support."

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Source: CPI Financial

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