The Asian Banker Thursday, 12 December 2024

Ahli Bank Qatar reports 2017 Q4 financial results

Ahli Bank QSC is pleased to announce a net profit of QR 639.7 million for the year ended 2017 with an increase of 1.3% over 2016, (2016 :- QR 631.7 million) The following is a summary of the Bank’s strong financial standing:

Commenting on the results, Sheikh Faisal Bin AbdulAziz Bin Jassem Al-Thani, Chairman and Managing Director of Ahlibank stated, “We delivered another year of steady performance in a challenging market environment. The Bank posted 8.9% growth in core operating income and 1.3% growth in net profit. NIM management was efficient as the benefits of asset re-pricing and loan growth more than offset the increased funding cost. Further, we focused on strengthening the maturity profile of the Bank’s liabilities. As a result, Bank’s Stable Funding as a percentage of total funding increased to 16.8% as against 11.6% in December 2016. Growth in Stable Funding was driven mainly by the Bank’s successful completion of US$ 500 million EMTN Tranche II in international debt capital markets in Q1 2017 and an increase in medium term loans in Q2 2017. In addition, during Q4 2017 the Bank activated its US$ 500 million commercial paper program, as part of its strategy to diversify its funding sources. Our strategy continues to prioritise asset quality, stability and return over volume growth.”

The Chairman further 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 unequivocal 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 10% (QR 1.0 per share) and a bonus dividend of 5% (5 new shares for every 100 shares held) as the dividend distribution for the year 2017. The dividend proposal intends to maximise shareholders’ wealth, as well the Bank’s internal capital requirements, liquidity and balance sheet growth projections.

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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