Al Khaliji Reports H1, 2018 Net Profit of Qar 335 Million - 5% Growth Year on Year

Doha, July 19, 2018:   Al Khalij Commercial Bank (al khaliji) P.Q.S.C., announced its financial results for the first six months of 2018, reporting a Net Profit of QAR 335 million. This was driven by growing operating income, effective cost management leading to lower operating expenses.

 

His Excellency Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing Director stated:

 

al khaliji continues to achieve robust profit due to the added momentum of our Qatar-centric medium term strategy. Our prudent risk management practices coupled with strong capital position have laid a solid foundation for future growth. Qatar continues to be an attractive market for investors and we remain well positioned to capture future growth”

 

Commenting on the first half 2018 performance, Fahad Al Khalifa, al khaliji’s Group Chief Executive Officer said:

 

“al khaliji is reporting a  growing and consistent set of results for the first half of 2018, as we carefully navigate and capitalize on opportunities in the domestic economy during 2018.  These results are reflective of our focus on growing operating income, efficiently managing our cost base and deploying our balance sheet in line with our risk appetite. With these efforts, we are pleased to report a half-yearly net profit of QAR 335 million, which is 5% higher year on year.  

 

In line with our strategic objective of delivering long-term sustainable revenues, we have been selective in growing our balance sheet, and despite our interest bearing assets being lower than at the same period last year; our overall yield on those assets has improved. In addition to that, growth in non-interest income has led us to report higher operating income year on year. 

 

The bank continues to focus on maintaining an efficient cost base, and for H1, 2018 our costs are 3% lower year on year, with a cost to income ratio of 26.9% - one of the lowest amongst Qatari banks

 

Credit quality remains high on our agenda, and we continue to remain prudent in our provisioning. That said, overall impairments charges are 6% lower year on year.

 

The economy in Qatar has progressed well during the first half of 2018 and remains strong. Al khaliji will continue to support its clients by working closely with them and providing innovative financial solutions, this will allow us to continue to grow our franchise in Qatar.”