al khaliji net profit rises 9% to QR544 mn in first 9 months

October 24, 2020

Al Khalij Commercial Bank (al khaliji) on Thursday announced the bank has recorded net profit of QR544 million in the first nine months of 2020, an increase of 9 percent over the same period last year.
The bank’s net operating income grew 17 percent year- on- year to QR1.053 billion. Operating expenses of QR269 million resulted in a cost to income ratio of 25.6 percent.
While loans and deposits increased by 9 percent and 10 percent year- on- year respectively, the capital adequacy ratio stood at a healthy 18.6 percent.
The results reflect an increase in operating income by growing assets and effectively managing margins.
Commenting on the results, al khaliji Chairman and Managing Director Sheikh Hamad bin Faisal bin Thani Al Thani said, “al khaliji closed its third quarter delivering improved profitability year-on-year. These results are the outcome of our team remaining focused during a time of uncertainty and ensuring that we continue delivering value for all stakeholders.”
al khaliji Group Chief Executive Officer Fahad Al Khalifa said, “We are pleased to report a 9 percent improvement in net profit y- on- y, which has come about by growing operating income as well as expanding our balance sheet. We continue to grow in our domestic market in Qatar, selectively capitalising on opportunities and diligently managing our margins.”
“While sequentially growing operating income, we have also ensured that the Group continues to maintain an efficient cost base, improving its cost to income ratio. At the end of the first half of 2020, we had announced exploring a potential merger with Masraf Al Rayan. The potential merger discussions between the two banks are going on as scheduled and we remain committed to informing the public and investors about any significant progress in this regard,” Khalifa said.
“Economic conditions due to COVID 19 pandemic continue to remain the biggest challenge for 2020. However, with a strong capital base, good liquidity, provision coverage and efficient control of costs, we are well-positioned to face this challenge,” he said.

qatar-tribune


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