Al Khaliji has reported an 8% jump in net profit to QR156.2mn in the first quarter of this year.
The bank’s net operating income grew 7% to QR297mn with net interest income gaining 3% to QR227.8mn and net fee and commissions 24% to QR56.1mn, it said in a statement.
“Al Khaliji’s good profit reflects the momentum gained in our new medium term strategy 2016-2018.
This, combined with the measures approved recently at our extraordinary general assembly, to build adequate capital for future business growth, will enable Al Khaliji to continue to create additional value for shareholders and to enhance its’ position in Qatar and the region,” its chairman and managing director Sheikh Hamad bin Faisal bin Thani al-Thani said.
Total assets reached QR59.4bn, which is up 12% year-on-year, with Al Khaliji France -- which has branches in Paris and the UAE contributing 10% of total assets. Loans and advances grew 18% to QR35.3bn.
Deposits were up 2% QR29bn. Investment in securities stood at QR15.1bn at the end of first quarter of this year.
Demonstrating the strength and resilience of the business, the bank’s revenue displays strong growth with good activities across both corporate and premium/private banking businesses, Al Khaliji group chief executive Fahad al-Khalifa said.
“Prudent cost management has enabled us to maintain cost flat relative to last year and achieve cost-to-income ratio of 32.2%,” he said.
The bank successfully raised QR1bn through capital instruments and started issuing commercial paper to sustain good growth, diversify funding sources and strengthen its capital position (capital adequacy stood at 16%), he added.
Indicating sound asset quality, the bank’s non-performing loans were 0.81% of the total loans at the end of March 31, 2016 against 1.2% in the previous year period.
The bank’s earnings-per-share stood at QR0.43 at the end of March 31, 2016 compared to QR0.4 in the year-ago period.
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