Sheikh Hamad (left) and Fahad al-Khalifa: Record results.

In a demonstration of its “earnings power and the strength of the bank’s diversified business model”, Al Khaliji  has posted a nine-month net profit of QR467mn, up 15% on the same period last year.
The bank earned a net profit of QR164.4mn in the third quarter compared with QR145.9mn in the same period last year.
The bank’s total assets reached QR55.3bn in the first nine months of 2015, up 15% on Q3, 2014, and up 8% on December last year, the bank said. Al Khaliji  France’s assets represented 10% of the group’s total assets.
Loans and advances grew by 28% compared with the same period in 2014 and reached QR31.7bn.
Customer deposits grew to QR29.4bn in September, up 15% on the first nine months of 2014, Al Khaliji  said. The bank’s net interest income increased by 26% to QR688.3mn in September compared with the same period in 2014.  
Net fee and commission income increased 10% in the same period to reach QR140.1mn compared with QR127.9mn in the first nine months of 2014.
Al Khaliji ’s capital adequacy ratio was 14.7% as per Basel III at the end of September. Non-performing loans ratio was 0.76% at the end of the third quarter, the bank said. Al Khaliji chairman and managing director Sheikh Hamad bin Faisal bin Thani al-Thani said, “I am very pleased to report record results in the third quarter of this year. These results clearly demonstrate the earnings power of Al Khaliji  and the strength of our diversified business model, with the right mix of wholesale, treasury and personal. Overall, we are extremely pleased with the strong momentum in Qatari banking, and are also proud that these results were achieved while simultaneously reaching new heights in customer loyalty measures”.
On the strong financial performance, Fahad al-Khalifa, Al Khaliji  Group chief executive officer, said, “Al Khaliji ’s performance during the third quarter demonstrates the underlying strength of our business. Year to date profits of QR467mn are 15% higher than the same period last year. Our core franchises, of corporate and HNW Personal Banking, delivered double-digit growth year-on-year in our loan book and deposit base. Our efficiency ratio at 35.4% continues to decrease and reflects ongoing prudent cost control combined with increasing revenues.
“We continue to focus on diversifying and improving the quality of our funding sources and have made much progress in this regard. The bank is well capitalised, with a CAR of 14.7%, and will continue to maintain strong levels to support future growth plans. We expect this positive business momentum to continue for the remainder of the year and are well-placed to achieve our financial targets for 2015.”