Qatar: Ahlibank net profit surges 6.6% to $7.69mln in Q1

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Doha, Qatar: Ahli Bank announced a net profit of QR218m for the first three months (Q1) of 2024, an increase of 6.6% over the same period last year.

Commenting on the results, Hassan Ahmed AlEfrangi, Ahlibank’s CEO said: “Ahlibank continues to deliver a steady financial performance for the first Quarter of 2024.” AlEfrangi also confirmed that the bank is working tirelessly to keep this momentum moving forward through a comprehensive optimisation of its financial and regulatory services.

AlEfrangi also added: “The bank will continue to implement its digitization strategy. We have recently launched “Fawran,” an instant and secure payment service developed by Qatar Central Bank. This new service attests to the progress achieved in the digital banking ecosystem of Qatar and helps provide an easier way to access banking services for everyone in the country.”

Commenting on the results, Sheikh Faisal bin AbdulAziz bin Jassem Al Thani, Chairman of Ahlibank said: “Despite global and regional challenges, I am pleased to share that Ahlibank has commenced 2024 with a consistently steady performance. This serves as a testament to the Bank’s resilience in navigating challenging circumstances, and we remain confident in our ability to maintain this momentum moving forward.”

The Chairman further added, “We take this opportunity to thank our customers for their continuous loyalty towards Ahlibank, shareholders for their ongoing commitment, management and staff for all their dedication and Qatar Central Bank for their esteemed guidance and support.”