Al Khaliji Q1 net jumps 32% to QR144.4mn

With each of its business unit in Qatar and abroad registering revenue growth, Al Khalij Commercial Bank (Al Khaliji) posted a first-quarter net profit of QR144.4mn, up 32% on the same period last year. The bank’s total assets reached QR53bn in the first quarter, up 21% on Q1, 2014 and 3% on Q4, 2014.Loans and advances jumped 31% in the first quarter to QR30bn. Al Khaliji’s deposits totalled QR28.5bn in Q1, up 32% on the same period in 2014. The bank’s capital adequacy ratio in Q1 was 15.9% under Basel III.Non-performing loans stood at QR363mn in March, lower than QR366.3mn in December last year. The NPL ratio was at 1.2% in Q1, down 11% from the previous quarter.Al Khaliji France’s net profit amounted to QR21.1mn in March, up 9% on the same period in 2014 and representing 15% of the group’s net profit.Al Khaliji chairman and managing director Sheikh Hamad bin Faisal bin Thani al-Thani said, “The bank has continued to demonstrate healthy performance and strong growth. During the quarter, Fitch Ratings has upgraded Al Khaliji’s long-term issuer default rating to ‘A+’. This demonstrates Al Khaliji’s strengthened lending franchise, strong capitalisation and longer track record of solid performance. Moreover, Al Khaliji shareholders elected six members for the new board of directors for a three-year term; I would like to take the opportunity to congratulate them and to thank our previous members. We are confident in our success and we will continue working toward maximising returns to all stakeholders.”On the “strong” financial performance, Al Khaliji’s group chief executive officer Fahad al-Khalifa said, “I am pleased to report that Al Khaliji has delivered a strong set of first quarter financial results. Each business unit, in Qatar and overseas, delivered year on year revenue growth. Net income grew by 32% due to increased volumes, wider margins and a firm control of costs. “We are continued to be recognised as industry leaders, and have received numerous awards this year, for product innovation, service excellence and investor relations transparency. We are well positioned to continue our good performance and to take advantage of the great opportunities in Qatar and the region.”