Al Khalij Commercial Bank (Al Khaliji) has posted a year-to-date net profit of QR544mn at the end of the third quarter in September.
This represents an increase of 9% year-on-year, Al Khaliji said on Thursday.
The bank's total assets stood at QR55.3bn at the end of the third quarter in September.
Al Khaliji’s loans and deposits increased by 9% and 10% year on year respectively. The bank’s net loans and advances stood at QR32.6bn, while deposits exceeded QR30bn in September.
The bank’s capital adequacy ratio stood at a healthy 18.6% at the end of the third quarter, Al Khaliji said.
These results, the bank noted, “reflect an increase in operating income by growing assets and effectively managing margins.”
Al Khaliji chairman and managing director HE Sheikh Hamad bin Faisal bin Thani al-Thani said, “Al Khaliji closed its 3rd quarter delivering improved profitability year on year. These results are the outcome of our team remaining focused during a time of uncertainty and ensuring that we continue delivering value for all stakeholders”.
Commenting on the Q3, 2020 performance, Al Khaliji’s group chief executive officer Fahad al-Khalifa said, “We are pleased to report a 9% improvement in net profit year on year, which has come about by growing operating income as well as expanding our balance sheet. We continue to grow in our domestic market in Qatar, selectively capitalising on opportunities and diligently managing our margins.
“While sequentially growing operating income, we have also ensured that the Group continues to maintain an efficient cost base, improving its cost to income ratio.
“At the end of the first half of 2020, we had announced exploring a potential merger with Masraf Al Rayan. The potential merger discussions between the two banks are going on as scheduled and we remain committed to informing the public and investors about any significant progress in this regard.
“Economic conditions of the back of the Covid-19 pandemic continue to remain the biggest challenge for 2020. However, with a strong capital base, good liquidity, provision coverage and efficient control of costs, we are well positioned to face this challenge.”