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Al khaliji’s 2017 net profit jumps 29% to QR551 million

  • 24 January 2018
  • Author: QT01
  • Number of views: 1059
Al khaliji’s 2017 net profit jumps 29% to QR551 million
Tribune News Network
Al Khalij Commercial Bank’s (al khaliji) 2017 net profit jumped 29 percent to QR551 million from QR427 million in 2016, translating to earnings per share of QR1.38.
This has prompted the bank’s Board of Directors to propose a dividend of 7.5 percent of the nominal share value or QR0.75 per share. This, however, is subject to approval of the Qatar Central Bank, al khaliji said in its year-on-year financial statement released on Wednesday.
The bank’s Qatari operations continue to remain its main contributor. Its net operating income rose 5 percent to QR1,215 million, while the net interest income climped 8 percent o QR984 million from 2016. Last year also saw the bank’s mpairment charges sliding 9 percent to QR319 million.
Al Khaliji’s total assets stood at QR57.9 billion as of December 31, 2017, with a strong and liquid balance sheet. Net loans and advances stood at QR35 billion, similar to 2016 as the bank divested non-core overseas assets.
Deposits were up 2 percent to QR33 billion in 2017, resulting in an improved loan-to-deposit ratio. The bank’s liquidity position remains strong with 26 percent of its balance sheet comprising cash and investment securities. Its liquidity coverage ratio (LCR) rose significantly higher than minimum regulatory requirements
The bank’s capital adequacy ratio at year-end was 16.7 percent as per Basel III.
The consolidated financial statements for the year ended 31 December 2017 were approved by the Board of Directors of al khaliji during its meeting held in Doha on 24 January 2018. The figures are subject to Qatar Central Bank’s approval and AGA endorsement.
Chairman and Managing Director Sheikh Hamad bin Faisal bin Thani al Thani said, “al khaliji delivered a solid performance for the year with a notable increase in profits to QR551 million. Our multicultural and dynamic team of employees continues to operate in accordance with our values of integrity and service excellence and to act in the best interests of our customers. 
“We remain steadfast in our vision to become ‘the most highly rated and respected bank in Qatar’ and to deliver sustainable performance for all of our stakeholders.
The economic and fiscal strength of Qatar more than outweighs the challenges posed by the largely unexpected, political and trade events that prevail in the region.”
Group Chief Executive Officer Fahad al Khalifa said, “Our full year results reflect our Qatar-centric strategy and the continued strength of the local economy.
“Looking forward, al khaliji enters 2018 with a positive outlook. Qatar’s economy is strong, with an excellent credit rating, high levels of foreign reserves and a robust fiscal policy. Our Qatar centric business model is resilient and our confidence is high. 
“al khaliji will continue its drive to attract the best local talent, to boost Qatarization levels, and to be an employer of choice. We look forward to this year with renewed optimism, and will continue to support our clients by working closely with them and further strengthen our franchise in Qatar.”
Categories: Local News
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