Al Khalij Commercial Bank (Al Khaliji) has reported a first half net profit of QR320.3mn, up 6% on the same period last year. 
Net fee and commission income reached QR112.7mn, up 18% compared to QR95.9mn by end-June 2015. 
Earnings per share increased to QR0.89 in the first half of 2016 from QR0.84 in the first half of 2015.
Total assets reached QR60.6bn in the first six months of 2016, up 8% on the first half of last year, and up 7% year to date.
Al Khaliji France S.A., headquartered in Paris with branches in the UAE, represented 10% of the group’s total assets.
Loans and advances grew 19% on the same period of last year and 6% higher than the fourth quarter of 2015 to reach QR35.3bn by end-June.
Deposits are at QR30.5bn, up 3% compared to the first six months of 2015.
The bank’s capital adequacy ratio in the first half of this year was 15.8% as per Basel III.
Non-performing loans ratio continues to be “one of the lowest” in the market at 0.82% as of June 30, indicating a quality credit portfolio. 
Al Khaliji chairman and managing director Sheikh Hamad bin Faisal bin Thani al-Thani said, “The H1 results reflect our determination to continue achieving growth. During this period, we have successfully completed the issuance of the first tranche of Tier 1 Capital instruments. We have also seen Al Khaliji’s recognition globally increasing whereas the bank has remarkably succeeded to tap international markets to diversify its funding source. We will continue implementing our new mid-term strategy 2016-2018, which focuses on delivering excellence in services, respond to business needs of both private and public sectors, promote branding of Al Khaliji to the best interest of our esteemed shareholders and other stakeholders”.
On the first half 2016 performance, Al Khaliji’s Group chief executive officer Fahad al-Khalifa said, “Despite markets conditions, Al Khaliji is achieving growth in various banking activities, where the first half net profit recorded QR320mn riyals. This is an evidence of our solid position and our determination to stress on growth. The bank has succeeded in the first half in positioning its strategy by diversifying source of funding through mid-long term private placements and commercial papers from international markets, and raising adequate capital for the growth of the business. The capital adequacy ratio of the bank was at a comfortable level of 15.8% at the end of June 2016.
“We continue in our prudent cost management, which reflected a significant improvement in cost to income ratio, which stood at 32% as at June 2016, compared to 35.6% in the same period of the previous year. We will continue our efforts to increase our market share and profitability through enhanced customers base and improved presence abroad.”