Ahlibank reports QAR367m net profits for the nine months ending September 2012
- Qatar: Monday, October 22 - 2012 at 16:03
- PRESS RELEASE
Ahli Bank Q.S.C. (ABQ) reported a net profits of QAR367m for the nine months ending 30 September 2012 (Sep 2011: QAR349m) recording a growth of 5.13% compared to Sep-2011.Net interest income stood at QAR391.7m. Total Fees, Commissions and Other Non-Interest Income recorded a growth of 19.2% to QAR116.4m (Sep-11 -QAR97.7m)
Commenting on the performance, Shaikh Faisal Bin A. Aziz Al Thani, Chairman of Ahli Bank stated "The current performance demonstrates the steady progress the bank has made during the first nine months of the year, particularly the growth in total assets to reach QAR19.7bn with a capital adequacy ratio of 19.2% and increase in core earnings of the bank".
The chairman added that "Ahlibank's performance is being recognised by the international rating agencies. Recently Fitch reaffirmed the bank's credit rating of A- with a Stable Outlook" Sh. Faisal Bin A. Aziz Al Thani concluded. The bank is also rated A- by Capital Intelligence.
Mr. Moataz El Rafie, Chief Executive Officer commented, "Despite the pressure on our lending margins, profitability remains resilient with a growth of 5.1% over same period last year. Our return on equity to shareholders now stands at 18.1% on an increased equity due to the issue of 60% bonus shares as dividend for the year 2011"
The highlight of the performance was Loans and advances which stood at QAR12.9bn, showing a growth of 19.2% over Sep-2011.The loan growth reflects Ahlibank's competetiveness and its abilty to successfully penetrate the market.
Concluding the observations on the 3rd quarter performance Mr. Moataz El Rafie, said that "the performance was very encouraging and the Government's budget spending for the fiscal year 2012-2013 undoubtedly provides optimism in the economy and opens many investment opportunities in the local market."
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