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Ahlibank H1 net profit QR 339.1 million

Staff writer |
Ahli Bank QSC (ABQK) announced a net profit of QR 339.1 million for the first half of 2015, an increase of 12% over the corresponding period last year (H1 2014 - QR 302.7 million).

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The Bank's Balance Sheet has grown by 16.9% over June 2014 to record QR 33,289 million, with business assets generated from core banking activities increasing by 15% to reach QR 22,308 million, reflecting Qatar's strong economy.

In funding its business growth, Ahlibank has succeeded in increasing its total funding by 17.1% to QR 26,006 million over June 2014. Due to increase in medium term borrowings, the bank's stable funding as a % of total liabilities increased to 7.2% in June 2015 from 0.8% in June 2014, resulting in an improved liability structure.

Total Core Operating Income grew by 12.5% to QR 520 million in H1 2015 over the corresponding period in 2014. Net Interest Income and Non-Interest Income increased by 7.7% and 29.2% respectively over H1 2014.

Ahlibank continued to invest in infrastructure and human capital; but, still the bank's Cost to Income Ratio has improved to 27.8% in H1 2015 from 30.9% in H1 2014, highlighting operational efficiency.

The Bank's Non-Performing Loans ratio (NPL) stood at 1.14% as of June 2015, compared to 1.30% in June 2014, indicating sound asset quality and risk based culture with a strong NPL coverage ratio of 145%.

The key financial performance measure, Return on Average Equity (ROAE) stood at an impressive 16.4% for H1 2015, notwithstanding the Bank's strong Capital Adequacy ratio of 16.1%. The Return on Average Assets (ROAA) was at 2.24%, reflecting the bank's emphasis on earnings over size.