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Sheikh Hamad Bin Faisal Bin Thani Al Thani

Al khaliji 9-month profit rises 5.2pc

Doha, October 30, 2013

Doha-based bank Al Khaliji has registered a net profit of QR398.2 million ($109.2 million) for the first nine months, up 5.2 per cent when compared to QR378.5 million last year.

Announcing the results, the Qatari lender said its net operating income for the third quarter surged to QR697.7 million, while the investment income hit QR138.3 million.

Netfee and commission income increased 81.4 per cent for the period ending September 2013 to reach QR108.8 million, representing 16 per cent of the total operating income compared to 9 per cent in September 2012, the bank said in its statement.

A total of 83 per cent of revenues continue to be generated mainly from the Qatar-based conventional banking activities. The remaining 17 per cent was generated from Al Khaliji France, its wholly owned subsidiary headquartered in Paris (France) with its four branches in different emirates in the UAE.

Al Khaliji France’s net profit rose 7.5 per cent to QR52.5 million by end of September, it added.

Commenting on the performance, Group CEO Robin McCall said “These results confirm the effectiveness of our strategy for 2013 and beyond. Al khaliji has a very strong position in terms of liquidity and capitalization and is on track to achieve its 2013 targets."

"We have recently completed the senior bond issue of $500 million under a Euro Medium Term Note Programme (EMTN) which was very successfully received by the international investors, being oversubscribed seven times. This proves the strong confidence of global investors in al khaliji and Qatar," stated McCall.

"We believe in maintaining a healthy balance sheet irrespective of business cycles. The bank is committed to enhancing its performance by identifying potential investment opportunities and revenue diversification," he said.

Chairman and managing director Sheikh Hamad Bin Faisal Bin Thani Al Thani said, "We are very pleased with another quarter of good performance. These results reflect the appropriate strategy implemented by the bank's management this year and approved by the board of directors."

"We will continue to deliver exceptional services to our valuable customers, and aim to grow further by expanding and diversifying our business, and provide reasonable value for all stakeholders," he added.

The bank's total assets increased by 7.7 per cent compared to last year to touch QR34.6 billion, spread between Qatar at 89 per cent and Al Khaliji France at 11 per cent of the group’s total assets.

Loans and advances for the first nine months rose to QR16 billion, 26 per cent higher than the same period of the previous year and 22.6 per cent higher compared to end of December 2012.

Deposits increased year on year by 19.1 per cent to reach QR17.8 billion, while loans to deposits ratio was 91 per cent at the end of September.

On the future plans, McCall said, "We are looking forward to the next quarter and the year ahead aiming to increase our business growth. We will continue to drive our organic expansion plans forward by growing our existing branch network."

"We have opened one more branch at City Center and will open another 2 before year end to effectively service our premium, private and corporate customers as an additional channel and source of sustainable business growth," he added.-TradeArabia News Service




Tags: Al Khaliji | Qatar bank |

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