• Net profit of QAR 497 million, an increase of 6% year on year
• Net Interest Income of QAR 739 million, improving +6% year on year
• Operating expenses flat at QAR 247 million, resulting in a cost/income ratio of 27.5%
• Impairments decreased by 15% year on year
• Loans and Deposits increased by 3% and 7% quarter on quarter
Doha, Oct 17, 2019: Al Khalij Commercial Bank (al khaliji) P.Q.S.C., announced its financial results for the third quarter of 2019, reporting a year to date Net Profit of QAR 497 million. These results reflect an increase in operating income by growing assets, effectively managing margins, and a reduction in impairments.
His Excellency Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing Director stated:
“al khaliji closed its 3rd quarter delivering improved profitability year on year. We are particularly proud to announce these results at a time when we have moved our Head Office to our purpose built al Khaliji Tower, located in the state of the art Lusail City. This marks a new phase in our journey and reinvigorates us to tailoring our business to meet requirements of our clients, and add value for our shareholders. We are proud of Qatar’s progress during this year, and are well positioned to capitalize on its growth during the future”
Commenting on the Q3, 2019 performance, Fahad Al Khalifa, al khaliji’s Group Chief Executive Officer said:
“We are pleased to report a 6% improvement in net profits year on year, which have come about by growing operating income as well as expanding our balance sheet. We continue to focus on our domestic market in Qatar, selectively capitalizing on opportunities and diligently managing our margins.
Our move to the new head office marks the next phase of our journey, creating value for both our clients and shareholders. I am proud to note that this year as well our efforts have been recognized externally, including:
Best Corporate Bank – Qatar
The European Magazine
Best Private Bank The International Business Magazine
Best in Mobile Banking Global Finance
We remain focused on credit quality across the Group, and we continue to remain prudent in our provisioning. That said we have reduced overall impairment charges by 15% year on year.
The Qatari Government remains steadfast in its reform agenda, and laws such as the new Foreign Investments law will continue to keep the economy business friendly. With our strong capital base and excellent liquidity, alkhaliji will also steadily continue to build its franchise in Qatar.