Mubasher: Ahli Bank on Thursday reported a 2.9% year-on-year increase in its net profit for the second quarter of 2018.

Net profits amounted to QAR 177.15 million ($48.9 million) in Q2-18, compared to QAR 172.19 million ($47.5 million) during Q2-17, according to the bank’s statement to the Qatar Stock Exchange (QSE).

As for the first half of 2018, Ahli Bank’s profits grew 3.2% to QAR 353.24 million, from QAR 342.21 million in H2-17.

Earnings per share (EPS) amounted to QAR 1.68 for the six-month period ended 30 June 2018, versus QAR 1.63 in the same period of the previous year.

The bank’s loans and advances went up 5.1% year-on-year to QAR 28.26 billion, according to the statement.

Total customer deposits increased 2.1% year-on-year to QAR 22.56 billion in the period between January and June.

The Qatari lender noted that cost to income ratio remained steady at 29% om H1-18, reflecting efficient management of the bank’s operations.

It is worth noting that the bank’s profits levlled up 3.6% to QAR 176.09 in Q1-18, from QAE 170.02 million in the same period of the prior year.

By the end of Wednesday’s session, Ahli Bank’s stock slid 6.12$ at QAR 31.32.