Al Khaliji's profits reach QR319.8m in first six months

18/07/2017 06:12 AST

Al Khaliji Bank announced its financial results for the first six months of 2017, reporting a net profit of QR319.8m compared to QR 320m for the same period in 2016. Earnings per share of QR0.89 were similar to the first half of 2016, the statement issued by the bank said.

"Al Khaliji's good results reflect the strength of our business and fortitude of our team. We continue to deliver on our strategic objectives, and little has changed in this regard, despite the current challenges," said Chairman and Managing Director, Sheikh Hamad bin Faisal bin Thani Al Thani.

"The bank is a highly rated institution head quartered in Qatar whose economy is very strong with huge reserves. Al Khaliji has a strong and bright future," he added.

Commenting on the first half 2017 performance, Al Khaliji's Group Chief Executive Officer Fahad Al Khalifa, said: "We continue to deliver on our strategic objective of delivering long-term sustainable revenues. Our net interest income (NII) at QR 496.2m for the first half improved by 9 percent year on year. Improving our NII has been a key goal for us and was achieved by more focused asset and liability management."

"The bank's strong cost control policy has delivered an efficiency ratio of 28 percent at end June 2017, compared to 32 percent for the same period last year. As a result, our operating profit before impairment charges was higher by 9 percent compared to first half of 2016. Al Khaliji has a heightened focus on all risks including credit quality which remains high on our agenda," he added

The bank is carefully managing its credit impairments and has adopted a pragmatic approach to building suitable provisions to protect against potential future unexpected events. "This is reflected in higher impairment charges of QR 115m to June 2017, and has resulted in consistent first half profits year on year," Al Khalifa added.

Al Khaliji Bank was founded in 2007. Headquartered in Doha, it's also one of the leading banks in the State of Qatar and has been listed on the Qatar Exchange since its inception. Al Khaliji Bank's customer deposits were estimated to be QR 33.7bn by end of the financial period that ended in March 2017.

The Peninsula