Ahlibank net profit rises to QR241mn

Ahlibank has reported a marginal 1% rise in net profit to QR240.97mn in the first six months of this year despite shrinkage in interest earnings. Net interest income plunged 15% to QR254.02mn, while net fee and commission earnings rose 6% to QR53.79mn, according to its financial statement filed with the Qatar Exchange. Dividend income substantially gained 64% to QR6.01mn, net gains from dealing in foreign currencies by 67% to QR14.11mn and other operating income by 33% to QR2.23mn. The bank “has delivered another consistent performance. The improvements in non-interest income and various initiatives particularly in the areas where customer interface is involved is a testimony to our goal of a closer partnership between us and our customers,” Ahlibank chairman Sheikh Faisal bin A Azizi al-Thani said. The bank’s capital adequacy ratio remained strong at 20.2% as at June 30, 2012, against the Qatar Central Bank stipulated 10%. The lender had made recoveries to the tune of QR14.4mn during January-June this year against QR21.28mn of impairment provisions on loans and advances in the year-ago period. Total equity stood at QR2.78bn on a capital base of QR1.12bn and earnings-per-share was QR2.15 at the end of June 30, 2012. The return on equity to shareholders now stands at 18.3% on an increased equity due to the issue of 60% bonus shares as dividend for the year 2011, Sheikh Faisal said. Loans and financing portfolio stood at QR11.8bn; showing a 6.7% growth year-on-year, while customer deposits increased by 7.1% to QR12bn, according to Moataz El Rafie, Ahlibank CEO. Total assets were valued at QR17.62bn and return on assets remained healthy at 2.8%. “Ahlibank is gearing itself to play an active role in the much anticipated demand for project financing in the coming period and is well positioned to closely support its customers through creative banking solutions,” a bank spokesman said. From: Gulf Times