DOHA: Al khaliji (KCBK), in Qatar, yesterday announced its financial results for the third quarter of 2014, reporting a net profit of QR145.9m ($40m), up 35 percent, compared to QR107.7m ($29.6m) in the corresponding quarter last year.
The net profit for the first nine months of this year ending September 30 stood at QR404.7m ($111.1m), compared to QR398.2m ($109.3m) generated during the same period in 2013. Earnings per share (EPS) were QR1.12 for the first nine months. Al Khaliji France SA’s net profit was at QR45.3m in Q3, accounting for 11 percent of the group’s net income.
Fahad Al Khalifa, Al khaliji’s newly appointed Group CEO, said: “We have reshaped our business model to generate strong profit growth from our core banking franchise and progressively reduce reliance on investment income.”
For the first nine months, net interest income increased by 24 percent to QR547.5m compared to the same period in 2013. Net fee and commission income reached QR127.9m against QR108.8m in the first nine month of 2013.
Total assets reached QR48.2bn in the first nine months of 2014, up 39 percent from Q3, 2013 and up 17 percent from the period ending December 2013. Loans and advances grew by 54 percent compared to same period in 2013 to reach QR 24.7bn, and is 19 percent higher than the period ending December 2013. Customer deposits grew to QR25.6bn, up 44 percent compared to the first nine months of 2013 and up 29 percent from the fourth quarter of 2013. Non-performing loans ratio is 1.3 percent at the end of September 2014.
Sheikh Hamad bin Faisal bin Thani Al Thani, Chairman and Managing Director said: “al khaliji’s robust financial performance is in line with Qatar’s stable and consistent economic growth.”
The Peninsula
