19 April 2018
Ahli Bank QSC (ABQK) announced a net profit of QR 176.1 million for the first three months of 2018, an increase of 3.6% or QR 6.1 million over the same period last year.
Ahli Bank QSC (ABQK) announced a net profit of QR 176.1 million for the first three months of 2018, an increase of 3.6% or QR 6.1 million over the same period last year.
Summary Financial Highlights:
- The Bank's Balance Sheet grew by 4.7% over March 2017 to QR 39,644 million, driven by growth in Loans and Advances, which grew by 13.7% to QR 30,508 million.
- Total Customer Deposits increased 9.2% as against March 2017 to QR 24,115 million, despite challenging market conditions.
- Total Operating Income increased by 2.8% to QR 260.8 million on account of higher Net Interest Income as higher loan balances and asset re-pricing more than offset the increased funding cost and due to higher Other Operating Income year over year.
- Cost to Income Ratio for the quarter improved to 30.0%, reflecting efficient management of Bank's operations.
- Cost to Income Ratio for the quarter improved to 30.0%, reflecting efficient management of Bank's operations.
- Non-Performing Loans Ratio (NPL) stood at 0.96% as of March 2018 reflecting Bank's focus on asset quality over balance sheet growth. Loan loss provisions, including IFRS 9 expected credit losses as of March 2018 were sufficient to cover 214% of Non-Performing Loans.
The Chairman added, 'I would like to thank everyone who has contributed to these good results. I appreciate the dedication of our management and staff, commitment of our Board of Directors and shareholders, and the Qatar Central Bank for their leadership, support and guidance. I also want to thank our customers for their continuous loyalty towards Ahlibank brand and for choosing Ahlibank for their financial services.'
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Ahli Bank QSC published this content on 19 April 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 19 April 2018 06:56:08 UTC