Ahlibanks Net Profit QR 837 million for the year ended 2023
18 January 2024
Doha, 18 January, 2024 - Ahli Bank Q.P.S.C. (ABQK) is pleased to announce a net profit of QR 837million for the year ended 2023 (2022:- QR 772 million), an increase of 8.4% compared to same period last year.
Based on the results achieved, the Board of Directors of Ahlibank has proposed a cash dividend of 25% to be approved at the General Assembly.
Commenting on the results, Mr. Hassan Ahmed AlEfrangi, Ahlibank’s CEO said: “The Bank achieved satisfactory results with an improvement in profitability and financial indicators”.
Mr. AlEfrangi added: “The Bank continued to implement its strategies, offering innovative banking solutions, products and excellent service. The Bank initiated the introduction of innovative technologies in customer service, aligning with QCB’s 3rd Financial Sector Strategy.
Mr. AlEfrangi further added: “Our primary focus in 2023 was the development of Qatari nationals and preparing them to assume leadership positions in the future. The Bank managed to increase the Qatarization percentage significantly in line with Qatar’s National Vision 2030.
Mr. AlEfrangi emphasized the Bank’s commitment to safeguarding customer information and financials transactions through robust processes, continuous system improvement, and advanced transaction monitoring and fraud systems.
Mr. AlEfrangi concluded: “As a further testimony to our performance, the Bank continued to enjoy higher credit ratings with international credit ratings of A2/P1 from Moody’s and Long-Term Issuer Default Rating (IDR) at 'A-' by Fitch.”
Sheikh Faisal Bin AbdulAziz Bin Jassem Al-Thani, Chairman of Ahlibank said: “Ahlibank remains true to its sustainability commitments, prioritizing environmental, social and governance compliance at the core of its strategy. Introducing a robust roadmap for ESG initiatives, the bank solidifies its dedication to sustainable development in the years ahead. As a vital part of the Qatari society, Ahlibank actively upholds social responsibility contributing to the well-being of the community and preserving the environment.”
The Chairman further added, “On behalf of the Board of Directors I would like to thank our customers for their loyalty, the shareholders for their confidence in our mission, the management and staff for all their dedication and hard work, and extend a special gratitude to Qatar Central Bank for their uninterrupted guidance and support.”
These results are subject to the final approval of the Qatar Central Bank and the shareholders in the General Assembly.