Ahlibank’s Net Profit QR294 million for the first half of 2020
20 July 2020
Doha, 20 July, 2020 - Ahli Bank QPSC (ABQK) announced a net profit of QR294 million for the Half year ended June 2020.
Commenting on the results, Mr. Hassan Ahmed Al AlEfrangi, Ahlibank’s CEO stated that Ahlibank continued to achieve positive results and indicators at many levels. Mr. AlEfrangi also praised the Bank’s effective and positive role in dealing with the COVID-19 pandemic as the Bank’s services to clients were maintained at highest levels and remained uninterrupted 24/7, while adopting appropriate health and safety measures to clients and employees.
Mr. AlEfrangi further commented: “Ahlibank will continue to implement strategies and plans for conservative growth and provide best banking services. Business development in all fields especially Technology and Digitization will be a key focus area. Attracting key Qatari talents to the Bank will be one of the most important priorities as part of our Qatarization plan in line with Qatar’s National Vison 2030.
Commenting on the results,
Sheikh Faisal Bin AbdulAziz Bin Jassem Al-Thani, Chairman and Managing Director of Ahlibank stated: “Total Assets went up from QR41,909 million to QR43,749 million recording a 4% growth from June 2019 levels. Loans and Advances went up from QR28,238 million to QR31,938 million recording a 13% growth from June 2019 levels. Net Interest Income increased by 13% from June 2019. Net operating income went up by 6% compared to June 2019.
The Chairman also noted that the Bank continues to implement a conservative policy on loan loss provisioning by increasing the provisions from QR16.6 million in H1 2019 to QR99.5 million in H1 2020. The additional provisions were taken as a precautionary measure to meet the COVID-19 pandemic and economic challenges. Provision Coverage Ratio increased to 135.8% as at June 2020 from 117.6% in December 2019 driven mainly by ECL (Expected Credit Loss) and Capital Adequacy remains strong at 17.2%. 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 support.”