Ahlibank’s Net Profit QR 500.78 million for the nine months ending September 2020
21 October 2020
Doha, 21 October, 2020 - Ahli Bank QPSC (ABQK) is pleased to announce a net profit of QR 500.78 million for the first nine months of 2020.
Commenting on the results,
Mr. Hassan Ahmed AlEfrangi, Ahlibank’s CEO said: “The Bank delivered another stable results with all key performance indicators showing positive trends.”
Mr. AlEfrangi also said: “The Bank successfully completed the fourth bond issuance for US$ 500 Million under its US$ 2.0 Billion EMTN Programme in the international debt capital markets. This as a continued vote of confidence from international investors in both Qatar and Ahlibank. Ahlibank managed to get a competitive coupon rate of 1.875% with an order book that was oversubscribed ~3.2x and a healthy geographical spilt of international investors. The non-MENA investors took 90% of the allocations.
Mr. AlEfrangi added that business development initiatives and Technology and Digitisation programmes are on track, as well as the focus on Qatarization and increasing the percentage of Qataris continues to be the key area in line with 2030 Qatar National Vision.
Commenting on the results,
Sheikh Faisal Bin AbdulAziz Bin Jassem Al-Thani, Chairman and Managing Director of Ahlibank stated: ”Total Assets went up from QR 42,025 million to QR 48,303 million recording a 15% growth from September 2019 levels. Loans and Advances went up from QR 29,732 million to QR 34,816 million recording a 17% growth from September 2019 levels. Net Interest Income increased by 16% from September 2019 levels.”
The Chairman also noted that: “Ahlibank continues with its conservative policy for loan loss provisioning by increasing the net provisions charge to QR 142.6 million as at end of September 2020 from QR 52.2 million for the same period in 2019. The additional provisions were taken as a precautionary measure to meet the COVID-19 pandemic and economic challenges. The Bank continues to enjoy favorable ratings from the top international credit rating agencies.”
The Chairman added, “I would like to thank everyone who has contributed to these good results. I also want to thank the Qatar Central Bank for their leadership and continuous support.”