DOHA: Al Khaliji recorded a net profit of QR398.2m for the first nine months of 2013, an increase of 5.2 percent over its financial results for the same period of last year.
Al Khaliji France’s net profit was QR52.5m by end of September 2013, up 7.5 percent compared to September 2012.
“These results confirm the effectiveness of our strategy for 2013 and beyond,” said Robin McCall, al khaliji’s Group Chief Executive Officer. “Al Khaliji has a very strong position in terms of liquidity and capitalisation and is on track to achieve its 2013 targets. We have recently completed the senior bond issue of $500m under a Euro Medium Term Note Programme (EMTN) which was very successfully received by the international investors, being oversubscribed seven times. This proves the strong confidence of global investors in Al Khaliji and Qatar. ”
A total of 83 percent of revenues continue to be generated mainly from the Qatar based conventional banking activities. The remaining 17 percent was generated from Al Khaliji France, its wholly owned subsidiary headquartered in Paris with its four branches in different emirates in the UAE.
Net fee and commission income increased 81.4 percent for the period ending September 2013 to reach QR108.8m, representing 16 percent of the total operating income compared to nine percent in September 2012.
Net operating income for Q3, 2013 was QR697.7m and investment income QR138.3m. The bank’s total assets increased by 7.7 percent compared to Q3, 2012 to reach QR34.6bn, spread between Qatar at 89 percent and Al Khaliji Franceat 11 percent of the group’s total assets. Loans and advances for the first nine months of 2013 rose to QR16bn, 26 percent higher than the same period of the previous year and 22.6 percent higher compared to end of December 2012.
Deposits increased year on year by 19.1 percent to reach QR17.8bn at end of September 2013 and the loans to deposits ratio was 91 percent at the end of September 2013.
The bank’s earnings per share was QR1.11 for the first nine months of this year, up 5.7 percent compared to the same period in 2012. The capital adequacy ratio was 18.9 percent and Tier 1 capital ratio 17.5 percent.
The Bank’s non-performing loans stood at QR 60.6m by end of September 2013 and the NPL ratio improved to 0.37 percent.
Sheikh Hamad bin Faisal bin Thani Al Thani, Chairman and Managing Director of Al Khaliji, said: “We are very pleased with another quarter of good performance. These results reflect the appropriate strategy implemented by the bank’s management this year and approved by the board of directors. We will continue to deliver exceptional services to our valuable customers, and aim to grow further by expanding and diversifying our business, and provide reasonable value for all stakeholders.”
The Peninsula
