DOHA: Ahlibank has recorded a net profit of of QR537.8m for the first nine months of 2018, an increase of 3.8 percent over the corresponding period of last year. The bank’s balance sheet grew by 3.3 percent over September 2017 to QR39.45bn.
The bank’s total customer deposits increased by 4.7 percent to QR23.6bn from a year ago, as the bank focused on improving liquidity during the quarter.
Total operating income increased by 2.4 percent to QR796m on account of higher Non Interest Income. The bank’s cost to income ratio remained stable at 28.7 percent during the first nine months of 2018, reflecting efficient management of cost drivers.
The Return on Average Assets (ROAA) and Return on Average Equity (ROAE) stood solid at 1.87 percent and 13.8 percent respectively, despite an increase in balance sheet size and equity base.Non-Performing Loans Ratio (NPL) stood at 1.18 percent, with a Provision Coverage of 153 percent, indicating sound asset quality. These numbers are calculated after adjusting for QR146m write off of NPLs approved by QCB.
Commenting on the results, Sheikh Faisal bin AbdulAziz bin Jassem Al Thani (pictured), Chairman and Managing Director of Ahlibank said: “Ahlibank’s financial performance demonstrates the Bank’s ability to grow and improve its profits in a challenging and competitive market.
“We saw a continuation of the stable business performance and profitability trend. Ahlibank continues to report steady and consistent income growth, while maintaining strong and diversified funding and a healthy asset quality. Ahlibank is now looking to build on the steady performance through investment in new technologies.
“Focus on innovation and technology have been important pillars to our strategy.”
Commenting further, the Chairman and Managing Director of Ahlibank said: “We saw good momentum in the economic indicators.
The capital spending plan remains a key driver of economic activity and the recovery in oil prices supports the country’s fiscal position and lifts the private sector sentiment. Also, we take this opportunity to thank Qatar Central Bank for their valued leadership and support.”
