al khaliji reports 6% year-on-year growth in net profit

DOHA:  Al Khalij Commercial Bank (al khaliji) announced yesterday its financial results for the third quarter (Q3) ended September 30, 2019, reporting a year to date net profit of QR497m registering a year-on-year growth of 6 percent. These results reflect an increase in operating income by growing assets, effectively managing margins, and a reduction in impairments.

Sheikh Hamad bin Faisal bin Thani Al Thani, Chairman and Managing Director of the Bank, said: “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 CEO of al khaliji, said: “We are pleased to report a 6 percent 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.”

Al Khalifa added: “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 recognised externally, which include several awards: Best Corporate Bank – Qatar by The European Magazine; Best Private Bank, The International Business Magazine; and 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 percent year on year.”

He added: “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. We are well positioned to benefit from increased business with our clients in both our Wholesale Banking and Private Banking franchises, as our clients tap into the commercial opportunities that the economy continues to present.”

Source from: The Peninsula