Qatar’s Ahlibank to continue its $2bn medium-term bond program

By Salma C, Intern Reporter
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Qatar-based Ahlibank will continue its $2 billion medium-term bond program (EMTN) with the Board of Directors authorized to update the program periodically and issue new bonds.

Sheikh Faisal bin AbdulAziz bin Jassem al-Thani, Chairman, Ahlibank Board of Directors, chaired the annual extraordinary general meeting which approved the decision.

The extraordinary general meeting also approved the increase in the bank’s capital to the number of free shares approved by the AGM’s resolution equivalent to 5 percent amounting to 121,483,151 shares. The capital of Ahlibank will thus become 2,551,146,170 shares.

It also approved the amendment of a few articles of the bank’s Article of Association, which include amendments to the Commercial Companies’ Law by virtue of law No. 8 of 2021. The meeting approved the board’s recommendation for the distribution of dividends to shareholders as a cash dividend of 15 percent ($0.041 per share) and 5 percent free shares for 2021.

Ahlibank posted a net profit of $194 million in 2021 compared to $185 million in 2020.

Sheikh Faisal commented on the Bank’s financial performance that, “Ahlibank delivered positive results for our bank in 2021. Net profits reached QR713 million ($194 million), compared to QR680 million ($185 million) in 2020. Loans and advances grew, reaching QR33,570 million ($91,51 million). Investments increased by 22 percent compared to December 2020, reaching QR8,613mn ($2,347 million), while the total capital adequacy ratio in December 2021 achieved a healthy rate of 20.62 percent, reflecting the bank’s strong financial position.”

“As a testimony to our stable performance, Moody’s has affirmed Ahlibank’s A2/Prime-1 deposit ratings. Fitch Ratings has also affirmed Ahlibank’s Long Term Issuer Default Rating (IDR) at ‘A’, pending further review in early 2022,” Sheikh Faisal added.

Hassan Ahmed AlEfrangi Image
Hassan Ahmed AlEfrangi
CEO – Ahlibank

“Ahlibank delivered a steady performance in a challenging environment. We are pleased to report consistent profit growth driven by operating income. The bank achieved positive and stable financial results, with important achievements in many areas including technology and business. Two strategic initiatives during the current year were significant milestones.”

“First was the issuance of $300 million Additional Tier 1 Capital in the international markets at a rate of 4 percent. The second was the successful completion of the fifth bond issuance for $500 million under its $2bn EMTN Program in the international debt capital markets. The issue was launched and completed on June 29, 2021,” Ahlibank CEO added.

Mr. AlEfrangi said the bank is focused on customer service and business development.

Ahlibank CEO elaborated that, “Ahlibank is spearheading its digital transformation with tech-driven solutions built to enhance the value proposition of our offerings to our customers, at the same time engagement with customers and giving them personal service and attention has been the key differentiator for us. The focus on Qatarization will continue in line with Qatar National Vision 2030.”

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