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Business & Money NEWS
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Posted on: Thursday 20 April, 2017 5:58 am
al khaliji bank reports 3% increase in Net Profits for the first quarter of 2017

Al Khalij Commercial Bank (al khaliji) P.Q.S.C., in Qatar, announced its financial results for the first quarter of 2017, reporting a Net Profit of QAR 160.9 million. This represents an increase of 3% over its financial results for the same period of last year.

His Excellency Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing Director stated: “We are pleased to announce our financial results for the 1st quarter of this year. These results prove our determination in continuing our franchise growth despite the global and regional economic conditions. We are well prepared to continue accomplishing success during 2017, taking into consideration the moderate energy price at the current levels, while keeping our focus on the best interest for our shareholders.”  

Commenting on the first quarter 2017 performance, Mr. Fahad Al Khalifa, al khaliji’s Group Chief Executive Officer said:

 

“Our results for the three months ended 31 March 2017 reflect the ongoing development of our franchise in Qatar with growth in key financial metrics.  The financials demonstrate our ability to grow our Net Interest Income and Fee and Commission revenue streams while continuing to diversify our funding base. Our Private banking business has been the primary driver of growth in both sides of the Balance Sheet in Q1.

In recognition of the current operating environment, we continue to effectively manage our credit risk and prudently build our impairment provisions. Despite this our Net Profit showed an increase of 3% YoY to QAR160.9 million.  

The bank has achieved a cost to income ratio of 26.8% through ongoing efficient management of its cost base and increased revenue generating capability. Our Capital Adequacy Ratio, per Basel III, was 16.2% at the end of March.”

Income Statement highlights

Net Profit for the first quarter of this year was QAR 160.9 million compared to QAR 156.2 million for the same period in 2016.

Net interest income increased by 1%, to QAR 230.9 million at quarter end March 2017.  Net fee and commission income reached QAR 62.1 million, up 11% compared to QAR 56.1 million at quarter end March 2016.

Earnings per share was QAR 0.45 in the first quarter of 2017.

Balance Sheet highlights

Al Khaliji' total assets stood at QAR 59 billion as at March 31, 2017. The overseas branches in France and UAE represented 10% of the Group’s total assets.

Loans and advances grew 2% on the same period last year to reach QAR 35.8 billion by end of March 2017.

Deposits amounted to QAR 34 billion, up 16% compared to Q1, 2016 and up 5% from the previous quarter ending December 2016.

Capitalization

The bank’s capital adequacy ratio at Q1 2017 was 16.2% as per Basel III.


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