Ahlibank net profit rises to QR680.06m in 2020

January 18, 2021

Doha: Ahli Bank PQSC (ABQK) yesterday announced a net profit of QR680.06m for the year ended 2020 compared to net profit of QR675.23m in 2019.

Commenting on the results, Hassan Ahmed AlEfrangi, Ahlibank’s CEO said: “Ahlibank delivered another steady financial performance for the year 2020. The resilience shown by the Bank is a testament to the Bank’s prudent balance sheet management, particularly as it came under the backdrop of COVID-19 pandemic”.

AlEfrangi added: “Ahlibank continued to implement its strategy while achieving important milestones such as improvement in financial performance, an increase in the Bank’s business, in addition to the successful completion of the fourth bond issuance for $500m under its $2bn EMTN Programme in the international debt capital markets. This demonstrates a continued vote of confidence from international investors in both Qatar and Ahlibank. Furthermore, Ahlibank successfully launched a redesigned online and mobile banking platform with an easy user interface to enhance the digital banking experience of its customers. A new social media platform has also been launched to stay engaged with the customers. Our primary focus was the development of Qatari nationals which the Bank managed to increase the Qatarization percentage significantly in line with Qatar’s National Vision 2030.

Commenting on the results, Sheikh Faisal bin AbdulAziz bin Jassem Al Thani, Chairman and Managing Director of Ahlibank stated, “Total Assets went up from QR43.915bn to QR47.555bn recording an 8 percent growth from December 2019 levels. Loans and Advances went up from QR31.591bn to QR33.513bn recording a 6 percent growth from December 2019 levels. Net Interest Income for the full year increased by 18 percent year-over-year.

The Chairman also noted that Ahlibank continues with a conservative policy loan loss provisioning by increasing the net provisions charge from QR131.97m in 2019 to QR247.64m for 2020. The additional provisions were taken as a precautionary measure to meet the COVID-19 and economic challenges.

The Chairman added, “On behalf of the Board of Directors I would like to thank our customers for their trust, the shareholders for their confidence in our mission, the management and staff for all their dedication and hard work, and extend a special appreciation to Qatar Central Bank for their continuous guidance and support”.

The Board of Directors of Ahlibank has proposed a cash dividend of 15 percent (QR0.15 per share) as the dividend distribution for the year 2020. These results are based on the audited financial statements, which are subject to the final approval of Qatar Central Bank and the shareholders in the General Assembly.

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