Al Khaliji Records 5% Increase In Net Profit Growth

Al Khalij Commercial Bank (Al Khaliji) QSC announced its half year results for the period ending 30th June 2012.

The bank delivered robust results for the first six months, registering a net profit of QR262m, a 5% increase as compared to QR249m achieved for the same period last year in June 2011.

“Economic indicators suggest that Qatar’s economy continues its vigorous growth and the recently announced 2012 – 2013 government budget should create ample opportunities in various sectors of the economy,” said His Excellency Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman of Al Khaliji. “Al Khaliji continued to adopt a strategic and prudent approach to grow the bank which resulted in an increase across all business operations.”

Al Khaliji reported a net operating income of QR458m of which 81% was achieved from the operations in Qatar whilst Al Khaliji France contributed 19% (which includes both the UAE and France). The Group’s Net Interest Income reached QR273m while Net Income from fee and commissions totaled QR67m, a 20% increase from June 2011. Total assets amounted to QR27,845m, 30% over the figures recorded for the same period last year.

Customer deposits reached QR12.7bn, an increase of 28% compared to the same period last year. The total non-performing loans and advances as of 30 June 2012 stood at 0.5%.

“Our results for the first half of 2012 reflect our strategy of continuing to expand and improve our operations in the corporate, treasury, consumer and commercial areas and to diversify our sources of income in order to deliver a sound return to our shareholders,” commented Robin McCall, al khaliji’s Group Chief Executive Officer. “The results further reinforced what has become a tradition of excellence and continued success for the bank, particularly given the most recent A- Fitch rating. Going forward, our objective is to continue to expand our business franchise and improve the product offering in our chosen markets.”

Ameinfo