Sheikh Faisal bin Abdul Aziz bin Jassem Al Thani (top) and Salah Murad
DOHA: Ahli Bank QSC (ABQ) has posted a record profit of QR135m for the first quarter of 2013, achieving a growth of 14 percent in profits over the same period last year. Under the new ownership, the bank’s gross operating income stood at QR196m for Q12013 recording a growth of 20.4 percent against Q12012.
The net interest income and fees & commission income grew by 23.4 percent and 27.7 percent respectively during the period. Cost to income ratio stood at 28.5 percent despite increase in costs.
ABQ’s total assets at QR22.70bn witnessed a growth of 30 percent on a year-on-year basis. Loans & advances grew by a healthy 35.8 percent to QR15.22bn compared to QR11.20bn in Q1 2012. Customer deposits increased by 28.5 percent to QR15.76bn against QR12.26bn in Q1 2012. ROAE (return on average equity) and EPS are strong at 16.3 percent and QR1.06 respectively, in spite of increased equity followed by the issue of rights shares in Q4 2012.
Sheikh Faisal bin Abdul Aziz bin Jassem Al Thani, Chairman of Ahli Bank, said: “The result achieved is a true reflection of gains derived as a result of various strategic changes implemented within the Bank, following Qatar Foundation’s acquisition of a strategic stake in Ahli Bank. We are confident that we can deliver a sustained shareholder return through applying a focussed approach under the new strategy. The core earnings growth of 25 percent is evidence that our journey has begun in right earnest. We thank Qatar Central Bank for its continuous support and look forward to the future with optimism”.
Salah Murad, Chief Executive, said: “We are encouraged by a strong performance momentum driven by increase in Balance Sheet size with a very healthy asset quality. We aim to deliver both quantitative and qualitative record achievements through implementing a ‘managed change’ initiative and an expanded business and customer centric product offerings.”
Murad added: “The new Ahli Bank will focus on building its talents pool, and the infrastructure for sustainable earnings. The new organisational structure will ensure the highest standards of governance practices, whilst serving our customers in Qatar’s prosperous economy”.
The Peninsula
