Al Khaliji posts QR149.6m Q2 profit
Published: Jul 20, 2014
Source: Peninsula Qatar


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Al Khaliji posts QR149.6m Q2 profit

Al Khaliji bank reported a net profit of QR149.6m for the second quarter of 2014, up 37 percent on the first quarter, reflecting a continued growth (quarter-on-quarter) in the core banking franchise.

However, the bank’s profit in Q2 of 2014 declined by 5.9 when compared to QR159m in the corresponding quarter of 2013. Profits for the first six months of 2014 stood at QR258.8m, declined by 10.9 percent compared to QR290.5m for the same period in 2013.

Earnings per share (EPS) 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 norms.

Al Khaliji France SA’s net profit was at QR31.6m in H1, 2014 and represented 12 percent of the Group’s net income. Robin McCall, Group CEO of al khaliji, said: “The momentum of the bank’s commercial franchise continues to thrive, with each Qatar business division displaying strong 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.”

For the first six months ended June 30, 2014, net interest income increased by 19 percent, to QR364.5m compared with the same period in 2013. Net fee and commission income increased in the same period to reach QR82.3m compared to QR81.8m in the first six month of 2013. 

Total assets of the Group reached QR48.4bn in the first half of 2014, up 48 percent from H1, 2013 and up 17 percent from the period ending December 31, 2013. 

Al khaliji France SA’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 QR23.7bn, and is 15 percent higher than the period ending December 31, 2013. Customer deposits grew to QR25.3bn, up 36 percent compared to the first half of 2013 and up 27 percent from the fourth quarter of 2013. 

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