Qatar’s Ahlibank reports $80.7mn profit for H1 2020

By Rahul Vaimal, Associate Editor
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Qatar-based Ahli Bank QSC (Ahlibank) has reported a net profit of $80.75mn for the first half of 2020.

Hassan Ahmed Al AlEfrangi, Ahlibank’s CEO highlighted the bank’s achievements as a result of its continued efforts of achieving positive results and indicators at many levels.

Mr. AlEfrangi also appreciated the Bank’s effective and positive role in dealing with the COVID-19 pandemic as the Bank’s services to clients were maintained at the highest levels and remained uninterrupted 24/7 while adopting appropriate health and safety measures to clients and employees.

Hassan Ahmed Al AlEfrangi
Hassan Ahmed Al AlEfrangi
CEO – Ahlibank

“Ahlibank will continue to implement strategies and plans for conservative growth and provide the best banking services. Business development in all fields especially Technology and Digitization will be a key focus area. Attracting key Qatari talents to the Bank will be one of the most important priorities as part of our Qatarisation plan in line with Qatar’s National Vision 2030.”

Sheikh Faisal bin AbdulAziz bin Jassem Al Thani, Chairman and Managing Director of Ahlibank stated: “Total Assets went up from $11,510 million to $12,015 million recording a 4 percent growth from June 2019 levels. Loans and Advances went up from $7,755 million to $8,772 million recording a 13 percent growth from June 2019 levels. Net Interest Income increased by 13 percent from June 2019. Net operating income went up by 6 percent compared to June 2019.”

Mr. Al Thani remarked that the Bank continues to implement a conservative policy on loan loss provisioning by increasing the provisions from $4.56 million in H1 2019 to $27.33 million in H1 2020. The additional provisions were taken as a precautionary measure to meet the COVID-19 pandemic and economic challenges.

Provision Coverage Ratio increased to 135.8 percent as of June 2020 from 117.6 percent in December 2019 driven mainly by ECL (Expected Credit Loss) and Capital Adequacy remains strong at 17.2 percent. The Bank continues to enjoy favorable ratings from the top international credit rating agencies.”