Chairman and Managing Director at al khaliji Sheikh Hamad bin Faisal bin Thani Al Thani (left), and Group Chief Executive Officer at al khaliji Fahad Al Khalifa
Doha: Al Khalij Commercial Bank (al khaliji) has announced its financial results for the third quarter of 2021, reporting a year to date net profit of QR561m, an increase of more than 3 percent compared to the same period last year.
Net operating income grew 4 percent year-on-year (Y-o-Y), ending at QR1.093bn, while Operating expenses of QR238m resulted in a cost/income ratio of 21.8 percent. The Bank’s Loans and Deposits increased by 11 percent and 7 percent (Y-o-Y) respectively. Total assets closed at QR58.5bn, increasing 6 percent (Y-o-Y), while the Capital Adequacy ratio stood at a healthy 20.3 percent. These results reflect an increase in operating income by growing assets and effectively managing margins.
Sheikh Hamad bin Faisal bin Thani Al Thani, Chairman and Managing Director at al khaliji stated: “al khaliji closed its third quarter delivering improved profitability year on year. We are announcing these results shortly after our Extra Ordinary General Meeting held on October 6, where shareholders approved our merger with Masraf Al Rayan. Our positive set of results and healthy capital well position us to create a larger merged bank that will continue to deliver value for all stakeholders”.
Commenting on the Q3 2021 performance, Fahad Al Khalifa, Group Chief Executive Officer at al khaliji said: “We are pleased to report a more than 3 percent improvement in net profit year on year, which has come about by growing operating income as well as expanding our balance sheet. These results embody our focus on the market, selectively growing our balance sheet while steadily progressing in our merger with Masraf Al Rayan.
“Our shareholders approved the transaction, which enables us now to complete remaining requirements and obtain final regulatory approvals to complete the merger. Throughout this process, our teams have continued to energetically service our clients, and create value for our shareholders. Our consistent set of positive results so far are a reflection of their efforts. Our collective ambition remains to deliver a best in class merged Islamic bank to our customers,” he added.
