Sheikh Hamad bin Faisal bin Thani Al Thani & Rob McCall
DOHA: Al Khaliji (KCBK) reported a net profit of QR290.5m for the first half of 2013, recording an increase of 11 percent compared to the same period of last year. The Bank’s net operating income for H1 2013 recorded QR 515m, 12 percent higher than H1 2012.
Al Khaliji continued to achieve a consistent growth in net profit quarter after quarter registering a growth of 21 percent over the previous quarter (Q1 2013).
Commenting on Al Khaliji’s strong financial performance, Rob McCall, Group Chief Executive Officer said. “The results confirm the effectiveness in implementing our strategy for 2013 and beyond. We continue to build momentum to meet our set targets for 2013. This success is attributable to our diverse and prudent growth approach in ensuring that our customers’ expectations and requirements are not only met but exceeded.”
A total of 83 percent of the bank’s revenues continue to be generated mainly from the Qatar based conventional banking activities. The remaining 17 percent was generated from al Khaliji France SA, its wholly owned subsidiary headquartered in Paris (France) with its four branches in four different emirates in the UAE.
The investment income at QR 121m is lower than H1 2012 by 22 percent. This result demonstrates once again that the Bank is in line with its new strategy by reducing dependence on Investment income as it continues to grow its conventional business.
Robin McCall added: “Al Khaliji has been consistent in delivering sustained and successful growth. This has been possible by recognising our most valuable assets, our employees. We will continue to develop, recognize and reward their committed efforts “.
Loans and advances for the first half of 2013 stood at QR14.9bn, 30 percent higher than the same period of the previous year and 14 percent higher comparing to end of December 2012. Deposits grew by 7 percent to QR18.6bn in the first six months of 2013. Loans to deposits ratio was 81 percent at the end of June 2013.
Earnings per share reached QR0.81 for the first six months of this year, up 11 percent compared to the same period in 2012. The capital adequacy ratio was at 20.1 percent and Tier 1 capital ratio at 18.7 percent. The bank’s non-performing loans (NPL) ratio improved to 0.40 percent. By the end of June 2013, it’s NPL were QR60.2m.
Sheikh Hamad bin Faisal bin Thani Al Thani, Chairman and Managing Director of Al Khaliji, said: “Al Khaliji recorded a robust profit due to the added momentum of our refined medium term strategy. Our high liquidity and capital position together with our prudent risk management practices, has laid a solid foundation for future growth. Qatar continues to be a very attractive market for local, regional and international investors; and we remain well positioned, with our understanding of the Qatar banking sector, to capture future growth.”
The Peninsula
