Ahlibank’s Net Profit QR 518.2 million for the nine months ending September of 2017
18 October 2017
Ahli Bank (QPSC) (ABQK) is pleased to announce a net profit of QR 518.2 million for the first nine months of 2017, an increase of 2.92% over the corresponding period of 2016.
Summary Financial Highlights:
- The Bank’s Balance Sheet grew by 8.2% over September 2016 to QR 38,205 million, driven mainly by growth in Loans and Advances and increase in investment securities.
- Total Customer Deposits increased by 6.0% as against September 2016 to QR 22,616 million.
- Total Operating Income increased by 7.4% to QR 777.7 million on account of higher Net Interest Income as higher loan balances and asset re-pricing more than offset the increased funding cost.
- Cost to Income Ratio improved to 28.6% during the first nine months of 2017 over 30.2% in the corresponding period of 2016, as income growth outpaced cost growth reflecting efficient management of cost and revenue drivers.
- The Return on Average Assets (ROAA) and Return on Average Equity (ROAE) stood solid at 1.82% and 13.9% respectively, despite an increase in balance sheet size and equity base.
- Non-Performing Loans Ratio (NPL) stood at 0.98% with a Provision Coverage of 131.1% indicating sound asset quality and conservative provisioning.
Commenting on the results,
Sheikh Faisal Bin AbdulAziz Bin Jassem Al-Thani, Chairman and Managing Director of Ahlibank stated, “Amid challenging market conditions Ahlibank delivered yet another resilient and stable financial performance. The Bank posted 7.4% growth in core operating income and 2.92% growth in net profit. The Bank’s funding profile remained strong with stable funding as a percentage to total liabilities improving to 18.3% vis-à-vis 12.9% in September 2016. Growth in Stable Funding was driven mainly by the Bank’s successful completion of US$ 500 million EMTN Tranche II in international debt capital markets in Q1 2017”.
The Chairman further added: “Ahlibank maintained strong capital with a Capital Adequacy Ratio above 15% and a Net Stable Funding Ratio (NSFR) well above the statutory minimum of 90%. Our results highlight the strength and ability of the Bank to deliver the business plan and underlying initiatives, despite a difficult market environment. Also, we take this opportunity to thank the Qatar Central Bank for their valued leadership and support”.