Ahlibank (ABQK) is pleased to announce a net profit of QR302.7m for the first half of 2014, up 11.8% from QR270.7m over the same period last year.
Summary Financial Highlights:
• Net Operating income grew by 14.4% to QR462m 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% and 28.5% respectively over H1 2013.
• Cost to Income Ratio stood at 30.9%, reflecting continuous investments in the franchise to meet future business growth.
• Total Assets stood at QR28,478m, witnessing a growth of 15.2% over QR24,712m as at June 2013.
• Loans and Advances grew by a healthy 22.4% to QR19,405m, compared with QR 15,852m as at 30 June 2013.
• Non-performing loans ratio (NPL) stood at 1.30% as of June 2014, compared to 2.41% in June 2013, reflecting sound asset quality of the bank and its risk based culture.
• Customer Deposits increased by 18.4% to QR20,749m, over QR17,517m recorded at 30 June 2013.
• ROAE was at 16.4%, places the bank above the industry average.
• ROAA recorded at 2.3%, 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”.
Key Business Highlights:
• 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.
Mr. Murad, the Chief Executive commented “our roadmap across all the business banking divisions is clear. We have concluded many milestones in the past 6 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”.
Sunday, July 13- 2014 @ 16:44 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.