Ahlibank Qatar has reported a 12% growth year-on-year in net profit to QR150.8mn in the first three months of this year.
Net interest and fee-based incomes increased by 14.6% and 21.4% to QR179.02mn and QR33.87mn respectively.
"We are continuing our progress by recording a strong growth in earnings, reflected through a professional management of our resources, backed by a buoyant local economy," Ahlibank Qatar chairman and managing director Sheikh Faisal bin A Aziz al-Thani said.
The Qatari economy, driven through an unmatched government fiscal budget, is providing the country's institutions with various earnings opportunities, according to him.
Ahlibank had reported a 16% growth in net operating income to QR227.8mn in the first quarter of this year.
"We have applied a balanced focus across our Business Banking in order to grow our market share, through investments in our distribution network as well as in our motivated workforce to deliver the year-end results expected," Ahlibank Qatar CEO Salah Murad said.
Cost to income ratio was contained at 29.5%, despite investments in human capital and infrastructure to meet future expansion, the bank spokesman said.
Total assets grew 23% to QR 27.97bn, of which loans and advances comprised QR19.22bn, which expanded by 26%. The bank's returns on average assets were 2.30%, in spite of increase in balance sheet size.
The bank's non-performing loans stood at 1.39% in March 2014 compared to 3% in the previous year period, reflecting an improved asset quality. Customer deposits were seen to increase by 25% to QR19.66bn.
The return on average equity was strong at 16.8% despite increased equity due to 30% bonus dividend in the first quarter of this year. "This ratio consistently places us above the industry average," the spokesman added.
© Gulf Times 2014
