Al Khaliji bank has posted a second quarter (Q2, 2014) net profit of QR149.6mn, up 37% on the first quarter of this year.
Profit for the first six months, at QR258.8mn, reflects a continued growth in the core banking franchise, the bank said in a statement here yesterday.
Al Khaliji France S.A.’s net profit was at QR31.6mn in H1, 2014, and represents 12% of the Group net income.
Robin McCall, Al Khaliji Group chief executive officer said, “The momentum of the bank’s commercial franchise continues to thrive, with each Qatar business division displaying solid year-on-year growth in headline earnings. The ability to realise capital gains from our fixed income portfolio, which formed an important revenue component in past years, is muted and will be progressively replaced by an ongoing increase in business market share.”
Net profit for second quarter of 2013 was QR159mn, Al Khaliji said. Net profit for the first six months of 2013 stood at QR290.5mn, the bank said.
For the six months that ended in June, the net interest income increased by 19%, to QR364.5mn compared with the same period in 2013. Net fee and commission income increased in the same period to reach QR82.3mn compared to QR81.8mn in the first six months of 2013.
Al Khaliji’s total assets reached QR48.4bn in the first half of 2014, up 48% on H1, 2013, and up 17% on December 2013. Al Khaliji France S.A.’s assets represented 9% of the group’s total assets.
Loans and advances grew by 59% compared to same period in 2013 to reach QR23.7bn, and was 15% higher than the period that ended in December 2013.
Customer deposits grew to QR25.3bn, up 36% on the first half of 2013 and up 27% on the fourth quarter of 2013.
Earnings per share were QR 0.72 for the first six months of this year. The bank’s capital adequacy ratio was 17.9% as per Basel III.
Non-performing loans stood at QR58.7mn at the end of June 2014, down 16% from end-2013, Al Khaliji said. “The NPL ratio, at 0.25%, continues to be one of the lowest in the market,” the bank said.
Sheikh Hamad bin Faisal bin Thani al-Thani, Al Khaliji chairman and managing director, said, “The robust financial performance, and balance sheet growth, is a clear endorsement of our medium term strategic goals to strengthen and synergise our core business units and provide a strong service proposition to our preferred clients. This sends a clear message to the market that the bank has matured as an organisation and is wholly capable of delivering long term sustainable shareholder value”.