Ahlibank holds annual ordinary and extraordinary general meetings

28/08/1446 10:22 AST

Ahlibank held its annual ordinary and extraordinary general meetings on Wednesday.

The meetings were presided over by Ahlibank chairman Sheikh Faisal bin AbdulAziz bin Jassem al-Thani.

The general assembly approved Ahlibank's financial results for the year 2024, reporting a net profit of QR891.6mn, marking a 6.6% increase compared to the previous year (2023: QR836.5mn).

The general assembly also approved a 25% cash dividend distribution to shareholders for the year 2024.

Continuing its growth trajectory, Ahlibank achieved an 18.4% increase in operating profits, reaching QR1,453mn, loans and advances grew by 2.6%, while total deposits expanded by 8.5%, reflecting the bank's solid financial position and continued market confidence.

Sheikh Faisal stated: "Ahlibank remains steadfast in its commitment to sustainability in alignment with Qatar Central Bank guidelines. We have integrated environmental, social, and governance (ESG) principles as a core part of our strategy and sustainability roadmap for the years ahead."

The chairman further expressed his gratitude, saying: "On behalf of the Board of Directors, I extend my sincere appreciation to all stakeholders for their trust and support, particularly our management team and employees, whose dedication has been instrumental in the Bank's continued success."

On the bank's performance, Hassan Ahmed AlEfrangi, CEO, Ahlibank, said, "Our strong financial results in 2024 demonstrate our ability to drive growth and enhance key financial indicators across multiple areas. Ahlibank's continued growth and achievements underscore the effectiveness of our strategies and policies."

AlEfrangi added: "Ahlibank's focus on diversifying its business activities, product offerings, funding sources, and revenue streams has significantly contributed to our sustained growth, and our commitment to technological innovation and digital transformation ensures that we remain at the forefront of the banking industry while prioritizing excellence in banking services, innovation, and customer satisfaction, positioning itself as a key player in Qatar's financial sector."

AlEfrangi also reaffirmed the bank's dedication to nurturing Qatari talent, emphasising initiatives aimed at attracting, training, and developing Qatari talent to become future leaders.

He noted that these efforts align with Qatar National Vision 2030, reinforcing the bank's role in fostering a skilled and capable national workforce.

Gulf Times