DOHA, Qatar, October 23, 2018 /PRNewswire/ --
- Net profit of QAR 469 million, an increase of 3.5% year on year
- Net Fee and Commission Income of QAR 154 million, an increase of 2% year on year
- Operating expenses were QAR 247 million, an improvement of 3.4% to Q3, 2017
- Impairments decrease by 28% year on year
- Liquidity remains strong resulting in an improved Loan to Deposit Ratio
Al Khalij Commercial Bank (al khaliji) P.Q.S.C., announced its financial results for the third quarter of 2018, reporting a Net Profit of QAR 469 million. This improved net profit was a result of effectively managing margins, controlling costs and a reduction in impairments.
His Excellency Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing Director stated:
"al khaliji has delivered consistent growth in profitability, by maintaining focus on delivering our Qatar-centric medium term strategy. These results reflect our commitment to our strategy, which is being delivered on the foundations of a strong capital base and excellent liquidity. 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, 2018 performance, Fahad Al Khalifa, al khaliji's Group Chief Executive Officer said:
"We are pleased to report positive results for Q3, 2018 delivering an increase in net profit of 3.5% year on year. These results embody selective growth, continued focus on our domestic market in Qatar and at the same time managing our cost base effectively.
Staying close to our clients and tailoring our business to meet their requirements remains at the heart of delivering our strategy. I am proud to note that this has been recognized externally in the past quarter including:
- "Best in Customer Satisfaction" - by Qatar Development Bank
- "Best Private Banking Services MENA & "Best Corporate Bank, Qatar" by European magazine
The bank continues to focus on maintaining an efficient cost base, and consistent with earlier quarters, our costs are 3.4% lower year on year.
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 28% year on year.
Qatar's economy continues to grow including in the non-hydrocarbon sector. 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."
Key highlights - Q3, 2018 results:
Key Figures-Income statement Q3,2017 Q3,2018 Change Revenue (QAR Million) 932 887 -4.8% Expenses (QAR Million) 255 247 -3.4% Net Impairment Loss (QAR Million) 220 159 -27.8% Profit (QAR Million) 454 469 3.5% Cost Income Ratio 27.4% 27.8% 1.5% Earnings Per Share (QAR) 1.26 1.30 3.5%
Key Figures-Balance Sheet 2017 Q3,2017 Q3,2018 Total Assets (QAR Million) 57,885 57,988 53,589 Loans & Advances (QAR Million) 35,093 35,947 32,741 Deposits (QAR Million) 32,683 32,207 31,600 Total Equity (QAR Million) 7,292 7,249 6,569 Non-Performing Loans (%) 1.94 1.76 1.94 Capital Adequacy Ratio (%) 16.7 16.4 17.2
For further information on al khaliji, please visit http://www.alkhaliji.com
Investor Relations: Shabbir Barkat Ali – Group CFO, email@example.com
SOURCE Al Khalij Commercial Bank