Al khaliji profit gains 22% to QR359mn
Al khaliji has posted a net profit of QR359mn in nine months up to September, up 22% compared with the same period last year. The bank’s total assets stood at QR23.8bn in September, up 17% since the beginning of the year, with overseas operations representing 12% of the Group’s total assets.Net operating income reached QR698mn, an increase of 21% over the corresponding period in 2010. Revenues grew in both local and international segments: Qatar’s conventional banking activities contributed to 84% of the net operating income while Al Khaliji France, the wholly owned subsidiary headquartered in Paris, with branches in the UAE, contributed 15%. Al Khaliji France’s net profit reached QR 42mn, up 14% compared to September 2010.The results were announced after a meeting of its Board of Directors in Doha yesterday. The meeting was chaired by al khaliji chairman and managing director Sheikh Hamad bin Faisal bin Thani al-Thani
(pictured).“We are very pleased with the bank’s nine months results, which reflect continuous progress and confirm the success of our predominantly business-oriented strategy aligned to the vision and objectives of Qatar. “We would like to extend our deepest gratitude and appreciation to the leadership of Qatar and the Qatar Central Bank for the exemplary way in which they have guided our economic destiny during these trying economic conditions,” Sheikh Hamad said.The bank’s profit for the three-month period that ended in September 2011 reached QR110mn.Net interest income, at QR444mn, is 36% higher than the QR327mn achieved in the same period in 2010. Net fee and commission income for the nine-month period reached QR77mn, up 2% compared to September 2010.Earnings per share (EPS) increased to QR1 in September compared to 92 dirhams in Q3, 2010. Return on average shareholder equity is 8.64%, and return on average assets is 2.05%, compared respectively to 7.22% and 1.96% in September.The capital adequacy ratio stood at 24.2% in September, well above the Qatar Central Bank and Basel III requirements, confirming the group’s ability to sustain its growth objectives.
Doha InsuranceDoha Insurance Company (DIC) has reported a 6% fall in net profit to QR47.13mn in the first nine months of this year although gross premiums were on the rise.Gross premium rose 15% to QR360.59mn but with a 20% surge in re-insurers’ share of gross premium; its net premium fell a marginal 0.17% to QR71.68mn, according to its financial statement filed with the Qatar Exchange. Earned insurance premium however gained 2% to QR71.94mn. Helped by a 2% growth in commission earnings, Doha Insurance reported about 4% rise in total underwriting income to QR90.12mn.Although claims paid swelled more than 12-fold to QR414.03mn; its impact was largely contained by a more than 31-fold rise in re-insurer’s share of claims to QR387.96mn.Despite a 32% fall in change in outstanding claims reserve and 14% jump in commissions paid, its net underwriting results were up 4% to QR55.11mn.Net gain on sale of financial investments more than doubled to QR3.10mn and dividend income rose 45% to QR11.78mn, even as interest income plunged 52% to QR2.87mn and rental income from investment properties by 10% to QR4.44mn. Nevertheless, its investment and other income gained 6% to QR23.89mn.Total assets were valued at QR948.59mn, comprising reinsurance contract assets worth QR331.61mn, financial investments of QR254.50mn, cash and bank balances of QR151.22mn and insurance and other receivables of QR114.40mn.Total shareholders equity stood at QR430.10mn on a capital base of QR180mn and earnings-per-share was QR2.62 at the end of third quarter ended September 30, 2011.
Qatar Islamic InsuranceA robust growth in wakala fee helped Qatar Islamic Insurance Company (QIIC) to report a 7% growth in its January-September net profit to QR41.20mn.Under shareholders’ account, wakala fee surged 38% to QR33.11mn and rental income by 7% to QR4.36mn. But income from shareholders’ investments plunged 49% to QR6.08mn, income from investment in associates by 33% to QR2mn and shareholders’ share in policyholders’ investment income by 26% to QR6.87mn, according to its financial statement.There was a fresh other income of QR5.87mn. Thus, total income rose 11% to QR58.28mn, while total expenses surged 24% to QR17.08mn mainly due to a 25% rise in general and administrative expenses.Under policyholders’ account, gross contributions rose 21% to QR166.50mn. But a 38% jump in wakala fee to QR33.11mn and 14% in re-takaful share of gross contributions to QR48.01mn led QIIC to report a 48% jump in net contributions to QR85.38mn.With gains in movements in unexpired premium, the insurance company’s net earned contributions rose 44% to QR76.74mn. Although it incurred net commission expenses of QR8.69mn, total underwriting income gained 19% to QR68.05mn.Net claims surged 37% to QR54.53mn, thus resulting in a 22% fall in net underwriting results to QR13.52mn. Net investment income also fell 19% to QR1.54mn. Thus, its surplus shrank by 33% to QR15.06mn.Total assets were valued at QR615.20mn comprising policyholders’ assets of QR329.81mn and shareholders’ assets of QR285.39mn.Total equity stood at QR257.18mn on a capital base of QR150mn and earnings-per-share was QR2.75 at the end of September 30, 2011.