DOHA: Al Khalij Commercial Bank (al khaliji) has recorded a net profit after tax of QR378m for the first nine months of 2012.
The bank’s net operating income reached QR662m during the period. Revenues grew in both local and international segments: Qatar’s conventional banking activities contributed 81 percent of the net operating income while Al Khaliji France SA, the wholly owned subsidiary headquartered in Paris, with branches in the UAE, contributed 19 percent.
Al Khaliji France’s net profit reached QR49m, up 17 percent compared to September 2011.
Commenting on the financial results Sheikh Hamad bin Faisal bin Thani Al Thani, Chairman and Managing Director, al khaliji said: “We are pleased with the Bank’s 9 months results, achieved against a backdrop of declining international economic activity and a challenging political environment. We will continue to seek and pursue responsible strategies relevant to the uncertainties of the day. As always we support and remain aligned to the vision and objectives of the State of Qatar.
The profit for the three-month period ended September 30, 2012 reached QR117m.
Net interest income, at QR399mn, is 12 percent lower than the QR452m achieved in the same period in 2011, largely due to shrinking margins, record low asset yields and the low level of interest rates.
Earnings per share (EPS) increased to QR1.05 compared to QR1.00 in Q3 2011.
The bank’s capital adequacy ratio is still at a healthy 22.1 percent on September 30, 2012, well above Qatar Central Bank and Basel III requirements, confirming the Group’s ability to sustain its growth objectives.
Al khaliji’s total assets reached QR32bn on September 30, 2012, up by 19 percent since the beginning of the year, with overseas operations representing 11 percent of the Group’s total assets.
Robin McCall, Group CEO of al khaliji, said: We foresee increased momentum developing with regards to the planned Qatar infrastructures spend. Al khaliji remains well positioned to participate in this build out and we will continue to support this credit growth with our preferred customers. Our liquidity and funding position is a key focus area where we intend to remain strong against a backdrop of uncertain global market conditions. We intend to make a bond issuance in 2013 to further strengthen our long term funding arrangements”
On September 30, 2012, non-performing loans and advances (NPLs) amounted to QR57m, down from QR 62m on December 31 2011. The NPL ratio is at 0.44 percent, down from 0.55 percent in December 2011.
The Peninsula
