Al Khaliji net profit rises 6% to QR497mn in third quarter

Al Khalij Commercial Bank (Al Khaliji) has posted a net profit of QR497mn at the end of the third quarter, which represents a 6% growth year on year.

These results reflect an increase in operating income by growing assets, effectively managing margins, and a reduction in impairments, Al Khaliji said Tuesday.Al Khaliji chairman and managing director HE Sheikh Hamad bin Faisal bin Thani al-Thani said, “Al Khaliji closed its third quarter, delivering improved profitability year on year. We are particularly proud to announce these results at a time when we have moved our head office to our purpose built ‘Al Khaliji Tower’, located in the state of the art Lusail City. This marks a new phase in our journey and reinvigorates us to tailoring our business to meet requirements of our clients, and add value for our shareholders. We are proud of Qatar’s progress during this year, and are well positioned to capitalise on its growth in the future.”Commenting on the Q3 performance, Al Khaliji’s Group chief executive officer Fahad al-Khalifa said, “We are pleased to report a 6% improvement in net profits year on year, which have come about by growing operating income as well as expanding our balance sheet. We continue to focus on our domestic market in Qatar, selectively capitalising on opportunities and diligently managing our margins.“Our move to the new head office marks the next phase of our journey, creating value for both our clients and shareholders. I am proud to note that this year as well our efforts have been recognised externally, including Best Corporate Bank – Qatar by The European Magazine, Best Private Bank (The International Business Magazine) and Best in Mobile Banking (Global Finance).“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 15% year on year.“The Qatari Government remains steadfast in its reform agenda, and laws such as the new Foreign Investments Law will continue to keep the economy business friendly. With our strong capital base and excellent liquidity, Al Khaliji will also steadily continue to build its franchise in Qatar. 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.”