Al khaliji posts gain of QR262mn in H1

30/07/2012 09:04 AST

Al khaliji has reported a 5% gain in its first half net profit to QR261.9mn despite slippage in net interest earnings. Net interest income had fallen 11% to QR273.48mn, according to its financial statement filed with the Qatar Exchange.

Although net fee and commission income surged 20% to QR66.99mn and dividend income by 7% to QR6.48mn and net profit from ‘available-for-sale’ financial investments by 69% to QR127.17mn, the lender reported an 8% decline in its net operating income to QR458.26mn. Other operating income plummeted 99% to a mere QR0.43mn, which pulled down the net operating earnings.

Of the QR458.26mn net operating income, domestic operations accounted for 81% and the remaining 19% from al khaliji France (which includes both the UAE and France).

“Economic indicators suggest that Qatar’s economy continues its vigorous growth and the recently announced 2012 – 2013 government budget should create ample opportunities in various sectors of the economy,” al khaliji chairman Sheikh Hamad bin Faisal bin Thani al-Thani, said.

On the expenses side, net impairment losses on loans considerably reduced by 88% to QR3.05mn and general and administrative expenses by 3% to QR146.28mn.

Total assets were valued at QR27.84bn, comprising credit portfolio of QR11.32bn and financial investments of QR11.88bn. Total non-performing loans and advances was 0.5%. Customer deposits stood at QR12.75bn.

Total shareholders equity stood at QR5.32bn on a capital base of QR3.60bn and earnings-per-share was QR0.39 at the end of June 30, 2012.

“Our results for the first half of 2012 reflect our strategy of continuing to expand and improve our operations in the corporate, treasury, consumer and commercial areas and to diversify our sources of income in order to deliver a sound return to our shareholders,” according to al khaliji CEO Robin McCall.

Gulf Times