Al Khaliji posts net profit of QR177mn in Q1
April 23 2020 08:37 PM
Al Khaliji chairman and managing director HE Sheikh Hamad bin Faisal bin Thani al-Thani (L), Al Khal


Al Khaliji has reported a flat year-on-year net profit of QR177mn in the first three months of this year.

Net operating income otherwise saw 9% increase to QR315mn in January-March this year.

Operating expenses saw a 6% rise to QR82mn, translating into 26.1% cost-to-income ratio at the end of first quarter (Q1) ended March 31, 2020 against 26.8% the year-ago period.

"Al Khaliji’s results for Q1 2020 embody the resilience of our business. We announce these results as we face the Covid-19 pandemic, one of the most important challenges of our lifetimes. Our bank has taken the necessary steps to continue serving our customers with minimum disruption, in a safe and secure environment," said Sheikh Hamad bin Faisal bin Thani al-Thani, Al Khaliji chairman and managing director.

Total assets expanded 12% year-on-year to QR56.13bn in January-March 2020. Net loans and advances were QR31.63bn, which registered about 3% growth on a yearly basis.

Deposits, on the other hand, were seen gaining 7% year-on-year to QR28.82bn in the review period.

"We ended Q1 2020 expanding balance sheet and growing operating income. At the same time, we remain prudent and took necessary risk management steps, which included enhancing our provisions, and keeping close control over operating costs, enabling us to deliver a net profit of QR177mn," said Fahad al-Khalifa, Al Khaliji’s group chief executive.

With a strong capital base, good liquidity, provision coverage and efficient control of costs, he said, the bank is well placed to face the current challenges posed by the coronavirus pandemic.

The bank's non-performing loans stood at 1.84% compared to 1.93% in the previous year period.

The capital adequacy ratio was 17.6% at the end of March 31, 2020 compared to 18.4% in the comparable period of 2019.

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