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Al khaliji posts 8pc profit growth

Doha, January 23, 2014

Qatar-based Al Khalij Commercial Bank (al khaliji) has reported an eight per cent growth in net profits to reach QR551 million ($151.2 million) in 2013.

This includes the financial results of Al Khaliji France with QR68 million, up 10 per cent year-on-year, said a statement.

 A total of 80 per cent of the bank’s revenues was generated from the Qatar-based banking activities, and the balance from its international operations, it stated.

The group experienced a growth of 59 per cent in loans and advances to QR20.7 billion and this drove total assets to QR41.3 billion. Its deposit base expanded to QR19.9 billion representing an increase of 15 per cent on the prior year.

The non-performing loans were at QR70.2 million as on December 31, compared to QR59 million in the previous year. The NPL ratio improved from 2012 and was at 0.34 per cent by end of 2013.

The consolidated financial statements for the year ended December 31, 2013 were approved by the bank’s board during its meeting held in Doha today (January 23).

The figures are subject to Qatar Central Bank’s approval.

Robin McCall, group CEO, said: “There is much to be positive about with regards to al khaliji’s performance in 2013.We have made considerable progress in delivering on the strategic priorities we set ourselves and have generated a respectable growth in net profit.”

“As 2013 was the initial year in our three-year road map it was important for us to prioritise and deliver on certain objectives to ensure we are well positioned to continue to build scale in our clearly defined market segments,” he said.

“In 2014 we will continue to focus on areas that represent the best opportunities for al khaliji, to achieve a continued strong and sustainable growth rate. We will communicate our preferred customer message of being more exclusive and tailored, and make our market presence felt,” said McCall.

Commenting on the profit performance, balance sheet growth and profile, McCall said: “Growth has been solid across all core business areas in our identified market segments. We have increased our geographic reach to new touch points in North Africa and witnessed impressive returns from non-funded trade-flow related business.”

The earnings per share were at QR1.53 by the end of 2013, 8 per cent higher than 2012, said the statement.

The board has recommended to the general assemble to distribute a 10 per cent cash dividend of the nominal share value of QR1 per share, it said. - TradeArabia News Service




Tags: profit | Al Khaliji | 2013 |

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