Ahlibank’s Net Profit QR 538 million for the nine months ending September of 2018
21 October 2018
Ahli Bank (QPSC) (ABQK) is pleased to announce a net profit of QR 537.8 million for the first nine months of 2018, an increase of 3.8% over the corresponding period of last year.
Summary Financial Highlights:
- The Bank’s Balance Sheet grew by 3.3% over September 2017 to QR 39,458 million.
- Total Customer Deposits increased by 4.7% as against September 2017 to QR 23,689 million, as the bank focused on improving liquidity during the quarter.
- Total Operating Income increased by 2.4% to QR 796.0 million on account of higher Non Interest Income.
- Cost to Income Ratio remained stable at 28.7% during the first nine months of 2018, reflecting efficient management of cost drivers.
- The Return on Average Assets (ROAA) and Return on Average Equity (ROAE) stood solid at 1.87% and 13.8% respectively, despite an increase in balance sheet size and equity base.
- Non-Performing Loans Ratio (NPL) stood at 1.18%, with a Provision Coverage of 153%, indicating sound asset quality. These numbers are calculated after adjusting for QR 146 million write off of NPLs approved by QCB. Loan Loss Provisions include IFRS 9 Expected Credit Losses related to Stage 1 and Stage II loan portfolio.
Commenting on the results,
Sheikh Faisal Bin AbdulAziz Bin Jassem Al-Thani, Chairman and Managing Director of Ahlibank stated, “Ahlibank’s financial performance demonstrates the Bank’s ability to grow and improve its profits in a challenging and competitive market. We saw a continuation of the stable business performance and profitability trend.
Ahlibank continues to report steady and consistent income growth, while maintaining strong and diversified funding and a healthy asset quality. Ahlibank is now looking to build on the steady performance through investment in new technologies. Focus on innovation and technology have been important pillars to our strategy.”
Commenting further, the Chairman and Managing Director of Ahlibank said, “We saw good momentum in the economic indicators. The capital spending plan remains a key driver of economic activity and the recovery in oil prices supports the country’s fiscal position and lifts the private sector sentiment.
Also, we take this opportunity to thank Qatar Central Bank for their valued leadership and support.”