Al khaliji Commercial Bank in Qatar has posted net profit of QR625.5 million ($171.6 million) for 2015, up from QR562.9 million in 2014, reflecting a rise of 11.1 per cent.

The net operating income for the full year 2015 reached QR1.14 billion and was 12.9 per cent higher than 2014. This growth was driven mainly by a 23.3 per cent growth in net interest income that stood at QR924.2 million by the end of 2015 and QR190.4 million in Net fee and Commission income for the same period.

The revenue was generated from conventional banking activities in Qatar and Al Khaliji France, its wholly owned subsidiary headquartered in Paris (France) with its four branches in four different emirates in the UAE.

Total assets increased 10.5 per cent by the end of 2015 and reached QR56.6 billion compared to QR51.2 billion by the end of 2014.

Al khaliji Bank chairman and managing director Sheikh Hamad Bin Faisal Bin Thani Al Thani said: “I am very pleased to report our robust financial results for 2015. These results are an indication of a successful implementation of a sound strategy. Al khaliji’s progression is a reflection of Qatar’s financial prominence and ability to overcome challenges.

“We continue to increase our Qatarization levels and their representation on the Senior Management team. Our commitment to deliver a premium financial service to our customers and achieving planned, consistent growth are our key goals. We have exceeded stakeholder’s expectations through our resilient performance and robust growth. I am confident that this will continue with the dedication and commitment of our team.  Our strategy moving forward is to remain focused on profitability and growth while maintaining quality assets.”    

Fahad Al Khalifa, al khaliji’s Group chief executive officer said: “The bank grew profit based on improved margins, market share gains in our chosen segments and strong cost discipline. Our efficiency ratio, at 34 per cent, is now more aligned with our peer group.”

“We continue to see growth in our core franchise locally and in our overseas subsidiaries in France and the UAE. Loans and Advances reached QR33.4bn and Deposits QR30.9bn at year end, an increase of 24 per cent and 13 per cent respectively. The bank is well capitalized and will maintain strong levels to support future growth plans; against this background the Board has approved issuing alternative Tier 1 Capital.

“Thanks to our clear strategy, al khaliji Group will be able to continue its growth despite the expected challenges this year. This Group strategy focuses on Wholesale and HNW customers in Qatar, UAE and France coupled with a robust risk management, diversification of the Bank’s funding base and sustainable returns for shareholders,” he added. – TradeArabia News Service