Ahlibank has posted a net profit of QR294mn for the first six months of the year (H1) that ended in June.

Commenting on the results, Ahlibank CEO Hassan Ahmed al-AlEfrangi stated that the premier bank continued to achieve “positive” results and indicators at many levels.

AlEfrangi also praised Ahlibank’s “effective and positive” role in dealing with the Covid-19 pandemic as the bank’s services to clients were maintained at “highest” levels and remained “uninterrupted” round-the-clock, while adopting “appropriate” health and safety measures to clients and employees.

AlEfrangi further said, “Ahlibank will continue to implement strategies and plans for conservative growth and provide best banking services. Business development in all fields, especially technology and digitisation, 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 the Qatar National Vison 2030.”

Ahlibank chairman and managing director Sheikh Faisal bin AbdulAziz bin Jassem al-Thani, stated, “Total assets went up from QR41,909mn (QR41.9bn) to QR43,749mn (QR43.7bn) recording a 4% growth from June 2019 levels. Loans and advances went up from QR28,238mn (QR28.2bn) to QR31,938mn (QR31.9bn) recording a 13% growth from June 2019 levels.

“Net interest income increased by 13% from June 2019. Net operating income went up by 6% compared to June 2019.”

The chairman also noted that Ahlibank continues to implement a conservative policy on loan loss provisioning by increasing the provisions from QR16.6mn in H1, 2019 to QR99.5mn 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% (in June 2020) from 117.6% in December 2019 driven mainly by ECL (expected credit loss).

The bank’s capital adequacy remains “strong” at 17.2%. The bank continues to enjoy favourable ratings from top international credit rating agencies.

The chairman added, “I would like to thank everyone who has contributed to these good results. I also want to thank the Qatar Central Bank for their leadership and support.”