Ahlibank 9-month profit up 5.1% to QR367mn

Ahlibank has posted a net profit of QR367mn in nine months up to September, a growth of 5.13% over the same period last year. The bank’s net interest income stood at QR391.7mn. Total fees, commissions and other non-interest income recorded a 19.2% growth to QR116.4mn. Earnings per share (EPS) stood at QR3.27 compared with QR3.15 in the same period last year. Ahlibank chairman Sheikh Faisal bin A Aziz al-Thani said, “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 QR19.7bn, a capital adequacy ratio of 19.2% and an increase in core earnings of the bank”. Sheikh Faisal said Ahlibank’s performance was being recognised by the international rating agencies. Recently, Fitch reaffirmed the bank’s credit rating of A- with a stable outlook”. The bank is also rated A- by Capital Intelligence. Ahlibank CEO Moataz El-Rafie said, “Despite the pressure on our lending margins, the profitability remains resilient with a growth of 5.1% over the 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 2011.” Loans and advances stood at QR12.9bn, showing a growth of 19.2% compared with September 2011. “The loan growth reflects Ahlibank’s competitiveness and its ability to successfully penetrate the market,” he said. El-Rafie said, “Our performance was very encouraging and the government’s budget spending for the fiscal 2012-2013 undoubtedly provides optimism in the economy and opens many investment opportunities in the local market.”