Doha: Ahli Bank reported its highest ever net profit of QR465.2m for the year 2012, registering a growth of 5.2 percent compared with QR442.2m in the previous year.
Commenting on the performance, Sheikh Faisal bin Abdulaziz Al Thani (pictured), Chairman of the bank, said: “We have delivered another year of consistent performance and record profits.
“Total Assets stood at a record QR20,606m for the first time in the history of the bank, driven by growth in loans and advances and financial investments.”
He added that “during the year, the bank issued bonus shares of QR420.4m as a part of the 2011 dividend distribution and successfully completed a rights issue to Qatari shareholders amounting to QR448.5m in Q4 2012.
Despite the increased equity, Return on average equity remained strong at 16.4 percent and earnings per share stood at QR3.88.”
Gross operating income stood at QR690.5m, despite reduction in margins due to lower lending rates during the year. The non-interest income grew by 19 percent to QR154m. The growth in the non-interest income driven by increase in fee, investment income and gains on foreign exchange.
Operating expenses increased by six percent to QR213.8m, but cost to income ratio was contained at 31.3 percent.
Loans and advances stood at QR13,813m compared to QR12,155 m in 2011 showing a healthy growth of 13.6 percent. Investments increased by 56 percent to reach QR4,119m. Return on average assets was at 2.5 percent.
The bank’s Board of Directors have recommended distribution of a 30 percent cash dividend (QR3 per share), subject to the approval of Qatar Central Bank and the general assembly meeting.
The capital adequacy ratio stood at 20.8 percent and Tier I Capital at 18.5 percent, including the effect of dividend distribution.
Ahli Bank’s long-term credit ratings were all affirmed by Fitch and Capital Intelligence at A- with a ‘stable’ outlook. The affirmation of rating reflects the bank’s solid profitability, adequate liquidity, and strong capitalisation.
Sheikh Faisal bin Abdulaziz said: “The performance was very encouraging and the government’s budget spending for the fiscal year 2013 undoubtedly provides optimism in the economy and opens many investment opportunities in the local market.
“We look forward to 2013 with optimism based on Qatar’s impressive economic performance. We are focused on meeting customer needs, and delivering outstanding shareholder value.”
These results are based on the audited financial statements, which are subject to approval by Qatar Central Bank and the shareholders.
The Peninsula
