Sheikh Hamad (left) and al-Khalifa: Looking for opportunities to support business growth.


Robust operating income, supported by faster expansion in interest and non-interest earnings as well as foreign exchange gains, led Al Khaliji report a 17% jump in net profit to QR302.41mn in the first half of this year.
Net interest income grew 24% to QR452.93mn and net fee and commission income by 17% to QR95.9mn, according to its financial statement filed with the Qatar Stock Exchange.
“In line with the Qatar National Vision 2030, we will continue to adapt to the economic situation and look for opportunities to support business growth, provide excellent service, meet the needs of the public and private sector, and achieve returns for our shareholders and safeguard their interests,” Al Khaliji chairman and managing director Sheikh Hamad bin Faisal bin Thani al-Thani said.
The bank’s profitability “reflects solid growth across all businesses, improved diversification in its source of funding and effective cost discipline”, Al Khaliji group chief executive Fahad al-Khalifa said, adding “going forward we will continue to increase our market share, through selective growth in our loan book, and to gain wallet share among our target clients.”
Net operating income expanded 19% to QR562.92mn on more-than-tripling of foreign exchange gains to QR10.25mn; even as income from investment securities fell 83% to QR3.7mn and other operating income by 58% to QR0.14mn.
Loans and advances grew 25% to QR29.74bn; while customer deposits also rose 17% to QR29.68bn.
Staff costs fell 1% to QR113.25mn, while other expenses rose 23% to QR66.06mn. The lender had booked a net impairment loss to the tune of QR40.86mn on loans and advances against recovery of QR6.45mn in the previous-year period. It had also booked net impairment loss of QR7.83mn on investment securities.
Al Khaliji’s capital adequacy ratio in the first half of this year was 15.1% as per the Basel III norms and non-performing loans (NPL) stood at QR238.2mn at the end of June 2015, translating into an NPL ratio of 0.8%.
Total assets were valued at QR56.26bn, comprising loans and advances to customers worth QR29.74bn’ investments of QR16.28bn in securities; due of QR6.18bn from banks and cash and balances with central banks of QR3.18bn.
Al Khaliji France, which has branches in the UAE and Paris, represented 10% of the group’s total assets in the first half of this year. Total shareholders’ equity stood at QR5.78bn on a capital base of QR3.6bn and earnings-per-share was QR0.84 at the end of June 30, 2015.