Al khaliji has reported an 8% growth in net profit to QR131.5mn in the first quarter of this year.
Its French subsidiary, however, reported a higher 53% expansion in net profit to QR17mn.
Revenue was generated mainly from Qatar-based conventional banking activities, representing 87%. The remaining 13% was generated from Al Khaliji France, its wholly-owned subsidiary headquartered in Paris with four branches in four different emirates in the UAE.
“Al khaliji is starting the year with a solid financial performance. We are in line with our new 2013 strategy and these results depict the Bank’s sustained positive performance quarter after quarter,” Rob McCall, CEO, al khaliji, said.
Net operating income for Q1 2013 was at QR231mn, which was 7% higher than in the previous year period. Net fee and commission income grew 82% to QR47.3mn.
Investment income fell 52% to QR25mn, demonstrating the efficiency of the new strategy by focusing more on generating income from the conventional business while maintaining a good return on investments.
Total assets stood at QR34.4bn with French subsidiary contributing 10% of it. Loans and advances grew 20% to QR14.1bn, while deposits by 43% to QR17.3bn. Loans to deposits ratio was at 81% by the end of March 2013.
Earning per share was QR0.37 compared to QR0.34 for the same period in 2012. The capital adequacy ratio stood at 19.9% and Tier 1 capital ratio at 18.3%.
The non-performing loans amounted to QR55.6mn, down 6% from end of 2012. The NPL ratio was at 0.39% by end of March 2013.
“The bank is adequately capitalised and well positioned to meet the requirements of future business growth. It also ensures liquidity at all times while creating additional value to shareholders,” according to Sheikh Hamad bin Faisal bin Thani al-Thani, chairman and managing director of al khaliji.