Al-Khaliji Bank achieves 258.8m net profit

GMT 02:38 2014 Monday ,21 July

Arab Today, arab today Al-Khaliji Bank achieves 258.8m net profit

Al-Khaliji Bank
Doha - QNA

Al Khaliji Bank announced its financial results for the second quarter of 2014, reporting a Net Profit of QR149.6 million. This represents an increase of 37% over its financial results for the first quarter. 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% of the Group net income, Al-Khaliji Bank said in a press release.
Al Khaliji Group Chief Executive Officer Robin McCall stated: "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 QR 149.6 million compared to QR 159.0 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%, to QR 364.5 million compared with the same period in 2013. Net fee and commission income increased in the same period to reach QR 82.3 million compared to QR 81.8 in the first six month of 2013.
Total assets reached QR 48.4 billion in the first half of 2014, up 48% from H1 2013 and up 17% from the period ending December 2013. Al khaliji France S.A.’s assets represented 9% of the group's total assets.
Loans and advances grew by 59% compared to same period in 2013 to reach QR 23.7 billion, and is 15% higher than the period ending December 2013.
Customer deposits grew to QR 25.3 billion, up 36% compared to the first half of 2013 and up 27% from the fourth quarter of 2013. Earnings per share were QR 0.72 for the first six months of this year. The bank’s capital adequacy ratio was 17.9% as per Basel III.
Non-performing loans stood at QR 58.7 million at the end of June 2014, down 16% from end of December 2013. The NPL ratio, at 0.25%, 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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