(MENAFN- Gulf Times) Ahlibank has posted a net profit of QR518.2mn in the first nine months of this year, up nearly 3% on the same period in 2016.
The bank's balance sheet grew by 8.2% to QR38.2bn in September compared with the same period last year, driven mainly by growth in loans and advances and increase in investment securities.
Total customer deposits increased to QR22.6bn in nine months up to September, up 6% on the same period in 2016.
Ahlibank's total operating income increased by 7.4% to QR777.7mn on account of higher net interest income as higher loan balances and asset re-pricing more than offset the increased funding cost.
Cost to income ratio improved to 28.6% during the first nine months of this year, as income growth outpaced cost growth reflecting efficient management of cost and revenue drivers.
The return on average assets (ROAA) and return on average equity (ROAE) stood solid at 1.82% and 13.9% respectively, despite an increase in balance sheet size and equity base, Ahlibank said.
Non-performing loans ratio (NPL) stood at 0.98% with a provision coverage of 131.1% indicating sound asset quality and conservative provisioning.
On the results, Ahlibank chairman and managing director Sheikh Faisal bin AbdulAziz bin Jassem al-Thani said, 'Amid challenging market conditions Ahlibank delivered yet another resilient and stable financial performance.
The bank posted 7.4% growth in core operating income and 2.92% growth in net profit. The bank's funding profile remained strong with stable funding as a percentage to total liabilities improving to 18.3% vis-à-vis 12.9% in September 2016.
Growth in stable funding was driven mainly by the bank's successful completion of $500mn EMTN Tranche II in international debt capital markets in Q1, 2017.
'Ahlibank maintained strong capital with a capital adequacy ratio above 15% and a net stable funding ratio (NSFR) well above the statutory minimum of 90%. Our results highlight the strength and ability of the bank to deliver the business plan and underlying initiatives, despite a difficult market environment. Also, we take this opportunity to thank the Qatar Central Bank for their valued leadership and support, Sheikh Faisal added.
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