Al Khaliji in Qatar has reported a net profit of QR145.9mn in the third quarter, up 35% on Q3, 2013.

Net profit for the first nine months of this year stood at QR404.7mn compared with QR398.2mn earned during the first nine months of 2013.

Al Khaliji France’s net profit was at QR45.3mn in Q3, 2014, representing 11% of the group net income.

For the nine months that ended in September, the bank’s net interest income increased by 24% to QR547.5mn compared with the same period in 2013.

Net fee and commission income increased in the same period to reach QR127.9mn compared to QR108.8mn in the first nine months of 2013.

Total assets reached QR 48.2bn in the first nine months of 2014, up 39% from Q3, 2013 and up 17% from the period ending December 2013. Al Khaliji France’s assets represented 9% of the group’s total assets.

Loans and advances grew by 54% compared to same period in 2013 to reach QR24.7bn and were 19% higher than the period ending December 2013.

Customer deposits grew to QR25.6bn, up 44% on the first nine months of 2013 and 29% on Q4, 2013.

Al Khaliji’s earnings per share were QR1.12 for the first nine months of this year. The bank’s capital adequacy ratio was 16.8% as per Basel III.

Non-performing loans ratio was 1.3% at the end of September, the bank said yesterday.

Al Khaliji chairman and managing director Sheikh Hamad bin Faisal bin Thani al-Thani said, “al khaliji’s robust financial performance is in line with Qatar’s stable and consistent economic growth. The revised business focus and structural changes we outlined in our three year strategy 2013-2015 are bearing fruit, with strong core earnings and quality loan growth in all geographies.

“Our roadmap across all business units is clear as is our resolute objective of ensuring we continue to foster meaningful long term relationships with all our valued clients. We remain very positive for the future and well placed to deliver attractive long term sustainable shareholder value.”

Al Khaliji’s newly appointed group chief executive officer Fahad al-Khalifa said, “al khaliji continues to experience a healthy increase in its loan and deposit base driven by a highly distinctive customer proposition. We have reshaped our business model to generate strong profit growth from our core banking franchise and progressively reduce reliance on investment income. In line with our strategy we will continue to create a coherent bank with a solid platform for continued growth and to ensure al khaliji is a very relevant player in the local market.”