DOHA: Ahli Bank posted a net profit of QR185.6m for the first half of the year compared to QR171.6m for the same period last year marking a growth of 8.1 percent.

On a sequential basis, second quarter net profit recorded an impressive growth of 38 percent vis-à-vis the first quarter.

“This result is attributed to a rigorous management of both income and cost drivers across all fronts,” said Salah Murad, Chief Executive Officer of Ahli Bank, adding overall they are satisfied with their first half performance.

As part of the Bank’s network expansion, one or two more branches are planned to be opened by year end adding to its existing 21 branches in the country, while one or two of the branches are to be relocated to further enhance profitability, Murad revealed.

He noted the Bank has also expanded the presence of its ATMs in the country from 40 to 45 with plans to install more.

“The Bank’s prudence and focused approach has enabled the delivery of solid results, notwithstanding the after shocks prevailing in the international markets. Together with Qatar’s economy, which is expected to grow by 18.5 percent in 2010, this would provide tremendous opportunities in all sectors of the economy.

Ahli Bank is committed to serve its customers to realise these opportunities,” said Ahmed Al Mana, Chairman of Ahli Bank.

The bank’s Net Interest Income grew by 29.2 percent over first half last year to QR234.8m while Operating Income grew by 12.3 percent over first half last year.[Read More]