Ahlibank reports a Net Profit of QR169.7 million for the first quarter of 2015
20 April 2015
Ahli Bank QSC (ABQK) is pleased to announce a net profit of QR169.7 million for the first quarter ending March 2015, recording a growth of 12.5% against the same period previous year.
Summary Financial Highlights:
- Total Operating Income grew by 18.9% to QR270.9 million for the first three months ending March 2015 over the corresponding period in 2014. This growth is supported by growth in Net Interest Income and Non-Interest Income, both increasing by 11.8% and 45.2% respectively over the first quarter of 2014.
- Cost to Income Ratio is reported at 26.8% in 2015 from 29.5% in 2014 for the quarter ending March. This reflects the bank’s ability to contain cost, despite investments in branding and infrastructure.
- Total Loans and Advances stood at QR 21,437 million growing cautiously by 1% over December 2014. The Return On Average Assets (ROAA) stood at 2.31% compared to the ROAA of 2.15% for the year ended 2014.
- Non-Performing Loans ratio (NPL) stood at 1.16% as of March 2015, reflective of high asset quality.
- Customer Deposits temporarily fell to QR17,270 million, reflecting competitive pressure on liquidity in the domestic market. However, stable funding as a percentage to total liabilities improved to 6.6% in March 2015 vis-à-vis 6.1% in December 2014.
- Total Assets stood at QR 28,574 million. The Return On Average Equity (ROAE) improved to 16.4% compared to the ROAE of 15.5% for the year ended 2014.
Commenting on the results, Sheikh Faisal Bin AbdulAziz Bin Jassem Al-Thani, Chairman and Managing Director of Ahlibank stated “Despite world economic challenges, we continued the progress of previous years with another robust financial performance. Capital adequacy improved due to bonus dividend in December 2014 with Return on Average Equity standing at 16.4%. As recognition to Qatar’s strong economy and our excellent performance, Fitch Ratings has upgraded the bank’s Long Term Foreign Currency Rating to ‘A+’ from ‘A’ in March 2015”.
Sheikh Faisal Bin AbdulAziz Bin Jassem Al-Thani added “As we move through 2015, we will maintain financial discipline; optimise our resources and invest in the bank’s infrastructure to be closer to customers and also to ensure that internal controls are in place at all levels of operations. We are grateful to the Government for its visionary leadership and to the Qatar Central Bank for its continued support and guidance”.