Qatar-based bank, al khaliji reported net profits after tax of QR108.4 million ($29.8 million) for the first half of the year, a 750 per cent increase over QR12.65 million ($3.47 million) for the same period last year.

Earnings per share were QR0.30, compared to QR0.04 last year. Net operating income was up 89 per cent in comparison with first half last year.

“The increase is due to the continuous expansion in Consumer and Islamic banking activities, to gains from corporate lending and trade finance activities, and to the expansion of the group’s activities to include the purchase of BLC Bank (France), rebranded Al Khaliji France,” stated Robin McCall, al khaliji acting chief executive officer.

Loans and advances to customers grew 17 per cent in H1 2009 to reach QR8.2 billion, up from QR1.2 billion on June 30, 2008.

Customer deposits for the period reached QR7.6 billion, compared to QR25.9 million on June 30, 2008).

Total shareholders’ equity, including paid-up share capital, reserves and retained profits, rose to QR4.8 billion from QR4.5 billion in December 2008.

Capital adequacy ratio as at June 30, 2009 is 26 per cent.

“Qatar will probably be the first GCC country to return to previous growth levels, due to lower inflation rates, strong Government and Central Bank support, higher production of liquefied and natural gas, and over $150 billion of committed investments and infrastructure projects to be completed by 2012,” added McCall.-TradeArabia News Service