Ahlibank posted a net profit of QR680.06mn in 2020, the bank announced yesterday.
Commenting on the results, Ahlibank chairman and managing director Sheikh Faisal bin AbdulAziz bin Jassem al-Thani stated, “Total assets went up from QR43,915mn to QR47,555mn, recording an 8% growth from December 2019 level. Loans and advances went up from QR31,591mn to QR33,513mn, recording a 6% growth from December 2019 level. Net interest income for the full year increased by 18% year-over-year.
The chairman also noted that Ahlibank continues with a conservative policy loan loss provisioning by increasing the net provisions charge from QR131.97mn in 2019 to QR247.64mn 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 the Qatar Central Bank for their continuous guidance and support”.
Ahlibank CEO Hassan Ahmed AlEfrangi 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 $500mn 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, and the Bank managed to increase the Qatarisation percentage significantly in line with Qatar’s National Vision 2030.
Ahlibank’s Board of Directors has proposed a cash dividend of 15% (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 the QCB and the shareholders in the General Assembly.
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