Ahlibank reports a Net Profit of QR164.9 million for the first quarter of 2016
21 April 2016
Ahli Bank QSC (ABQK) is pleased to announce a net profit of QR164.9 million for the first quarter ending March 2016, on the back of increased cost of liquidity in the market.
Summary Financial Highlights:
- Total Operating Income, excluding investment income was steady at QR236.6 million, despite continued pressure on lending margins.
- Cost to Income Ratio remained at 28.8% for the quarter ending March 2016, which is lower than the sector average Cost to Income Ratio of 31.1% calculated based on 2015 reported figures.
- Total Assets grew by 13.5% to QR32,423 million in March 2016 as against QR28,574 million reported for the corresponding period last year. Total Asset growth was driven by bank’s Total Loans and Advances, which grew by 17.3% to QR25,147 million over March 2015.
- Non-Performing Loans Ratio (NPL) stood at a healthy 1.20% as of March 2016, reflecting bank’s emphasis on quality over growth in business volumes.
- Customer Deposits increased by 14.3% to QR19,741 million in March 2016 versus QR17,270 million in March 2015.
- Stable funding, which includes medium term liquidity improved to 7.9% in March 2016, as a percentage to total liabilities vis-à-vis 6.6% in March 2015 as the bank continues to improve its liquidity structure.
- Key Performance Indicators, The Return On Average Assets (ROAA) and The Return On Average Equity (ROAE), remained healthy at 2.02% and 14.7% respectively for the quarter ending March 2016.
Commenting on the results, Sheikh Faisal Bin AbdulAziz Bin Jassem Al-Thani, Chairman and Managing Director of Ahlibank stated “Despite world economic challenges and ongoing pressure on energy prices, we continue to deliver stable quarterly profits. In recognition of our strong asset quality metrics, sound capital and improved funding mix, Moody’s has assigned a debut credit rating of A2/Prime-1 deposit ratings with a stable outlook”.
Sheikh Faisal Bin AbdulAziz Bin Jassem Al-Thani added “I am proud to announce that in April 2016, we have successfully completed our US$500 million debut fund raising in the international capital markets via EMTN program. This is in line with our liquidity strategy to diversify our funding sources with increased stability. In addition, we have positioned ourselves to meet Basel III requirements and to begin the next phase of our growth story. We are grateful to the Government for its visionary leadership and to the Qatar Central Bank for its continued support and guidance”.