Al Khaliji net profit surges by 37% in second quarter
Published: Jul 21, 2014
Source: Saudi Gazette


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Al Khaliji net profit surges by 37% in second quarter

AL KHALIJI Bank in Qatar reported a net profit of QR149.6 million in the second quarter of 2014, or an an increase of 37 percent over its financial results for the first quarter of the same year. Profit for the first six months, at QR 258.8 million, reflects a continued growth in the core banking franchise.

Al Khaliji France S.A.’s net profit was at QR31.6 million in H1 2014 and represents 12 percent of the Group net income.

Robin McCall, Al Khaliji Group Chief Executive Officer, said: “The momentum of the bank’s commercial franchise continues to thrive, with each Qatar business division displaying solid year on year growth in headline earnings. The ability to realize capital gains from our fixed income portfolio, which formed an important revenue component in past years, is muted and will be progressively replaced by an ongoing increase in business market share.”

Net profit for the second quarter of 2014 is QR149.6 million compared to QR159.0 million for the second quarter of 2013. Net profit for the first six month of this year is QR 258.8 million compared to QR 290.5 million for the same period in 2013.

For the 6 months ended June 2014, net interest income increased by 19 percent, to QR364.5 million compared with the same period in 2013.  Net fee and commission income increased in the same period to reach QR82.3 million compared to QR 81.8 in the first six month of 2013. Total assets reached QR48.4 billion in the first half of 2014, up 48 percent from H1 2013 and up 17 percent from the period ending December 2013.

Al Khaliji France S.A.’s assets represented 9 percent of the group’s total assets.

Loans and advances grew by 59 percent compared to same period in 2013 to reach QR23.7 billion, and is 15 percent higher than the period ending December 2013.

Customer deposits grew to QR25.3 billion, up 36 percent compared to the first half of 2013 and up 27 percent from the fourth quarter of 2013.

Earnings per share were QR0.72 for the first six months of this year.  The bank’s capital adequacy ratio was 17.9 percent as per Basel III.

Non-performing loans stood at QR58.7 million at the end of June 2014, down 16 percent from end of December 2013.  The NPL ratio, at 0.25 percent, continues to be one of the lowest in the market.

Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing Director, said: “The robust financial performance, and balance sheet growth is a clear endorsement of our medium term strategic goals to strengthen and synergize our core business units and provide a strong service proposition to our preferred clients. This sends a clear message to the market that the bank has matured as an organization and is wholly capable of delivering long term sustainable shareholder value.” 

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