DOHA: al khaliji bank yesterday released its consolidated financial statements for the year ended December 31, 2012 revealing a net profit of QR512.2m for 2012, 5.2 percent higher than last year.
Al Khaliji France net profit was QR62m for 2012, up by 13 percent compared to 2011.
The financial statements were approved by the Board of Directors of al khaliji during its meeting yesterday.
The figures are subject to Qatar Central Bank’s approval.
Sheikh Hamad bin Faisal bin Thani Al Thani, Chairman and Managing Director, said: “The good results al khaliji has achieved in a year characterised by a very constrained banking environment, reveal the clear strategy and vision of our Board of Directors, which is being well executed by a dedicated team. With a strong focus on our preferred banking core areas, and realising the opportunities that presents itself in a low rate environment we have continued generating good results. We believe that our priority is to continue the growth while maintaining a solid balance sheet for the expected conditions.”
The revenue was generated mainly from the Qatar based conventional banking activities representing 84 percent. The remaining 16 percent was generated from Al Khaliji France, its wholly owned subsidiary headquartered in Paris with its four branches in four different emirates in the UAE.
The net operating income for the full year 2012 was QR969m, 3.2 percent higher than 2011.
The investment income at QR396m was higher than 2011 by 133 percent.
Robin McCall, al khaliji’s Group Chief Executive Officer, said: “al khaliji maintained its growth throughout 2012 due to growth in the core business amid declining yields and profitable investment opportunities while remaining conservative in its approach.”
Total assets increased 24 percent by the end of 2012 to reach QR33.7bn, compared with QR27.2bn by the end of 2011.
Al Khaliji France represented 10 percent of the group’s total assets.
Loans and advances by end of 2012 stood at QR13bn, 13 percent higher than the previous year while deposits grew 43 percent and were at QR17.3bn in 2012 compared to QR12.1bn by the end of 2011.
Loans to deposits ratio was at 77 percent by end 2012.
“In spite of the loan growth in 2012, the loans to deposits ratio was based on sufficient inflows of deposits which reflects the funders’ confidence in our bank,” added McCall.
The board proposed a cash dividend of 70 percent of net profit, QR1 pershare.
“The bank has been paying dividends since 2010. We are well positioned to continue generating value to our shareholders in the years to come,” said McCall.
Earnings per share were at QR1.42 for the full year 2012, five percent higher than 2011.
The capital adequacy ratio was at 21.4 percent and Tier 1 capital ratio at 19.4 percent.
On December 31, 2012, the non-performing loans were at QR59m, down 5.5 percent from 2011. The NPL ratio improved from 2011 and was at 0.45 percent by end of 2012.
“We are very satisfied with the 2012 results especially knowing that the global economy is still vulnerable. We continue to have a positive outlook for the Qatar economy in 2013 and for the ongoing growth of our bank. We are well positioned to support the government projects and the public sector.”
The Peninsula
