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Tribune news network
Doha,
Al Khalij Commercial Bank (al khaliji) has reported a net profit of QR352 million for the half year (H1) ended June 30, an increase of 5 percent compared to the same period of last year, the bank announced in a statement on Tuesday.
The earnings per share of the bank amounted to QR0.98.
al khaliji Chairman and Managing Director Sheikh Hamad bin Faisal bin Thani al Thani, stated, “We are pleased to report another quarter of improved profitability. We have had a successful first half as we have selectively navigated and capitalised on opportunities during this period. Qatar’s economy is sound and we have seen growth picking up in the banking sector. We are confident of achieving our targets for the year”.
Fahad al Khalifa, al khaliji’s Group CEO said, “al khaliji is reporting a consistent set of results for the first half of 2019, which are the outcome of our efforts to selectively pursue assets and manage margins. In achieving these results, we have continued to maintain an efficient cost base, and built adequate provision buffers.
“We continued to focus on managing our margins in the second quarter of the year, and managed to lower our cost of funding. While our interest bearing assets are lower than last year, our yield has improved.”
He said, “The bank continues to focus on maintaining an efficient cost base, and for H1 2019 our costs are 3 percent lower year on year, with a cost to income ratio of 27.2 percent - one of the lowest in Qatari banks.
“Credit quality also remains high on our agenda, and while we continued to remain prudent in our provisioning, impairments charges are 38 percent lower year on year.
“We are experiencing good momentum in the sector and expect growth in the second half. This will contribute positively to the income statement and growth of the bank.”
Total assets of the bank reached QR49.45 billion in 2019 H1, while customer deposits at the bank touched QR25.65 billion.
Net operating income grew 5 percent quarter on quarter, reaching QR592 million. Operating expenses reached QR161 million, 3 percent lower compared to H1 2018.
Doha,
Al Khalij Commercial Bank (al khaliji) has reported a net profit of QR352 million for the half year (H1) ended June 30, an increase of 5 percent compared to the same period of last year, the bank announced in a statement on Tuesday.
The earnings per share of the bank amounted to QR0.98.
al khaliji Chairman and Managing Director Sheikh Hamad bin Faisal bin Thani al Thani, stated, “We are pleased to report another quarter of improved profitability. We have had a successful first half as we have selectively navigated and capitalised on opportunities during this period. Qatar’s economy is sound and we have seen growth picking up in the banking sector. We are confident of achieving our targets for the year”.
Fahad al Khalifa, al khaliji’s Group CEO said, “al khaliji is reporting a consistent set of results for the first half of 2019, which are the outcome of our efforts to selectively pursue assets and manage margins. In achieving these results, we have continued to maintain an efficient cost base, and built adequate provision buffers.
“We continued to focus on managing our margins in the second quarter of the year, and managed to lower our cost of funding. While our interest bearing assets are lower than last year, our yield has improved.”
He said, “The bank continues to focus on maintaining an efficient cost base, and for H1 2019 our costs are 3 percent lower year on year, with a cost to income ratio of 27.2 percent - one of the lowest in Qatari banks.
“Credit quality also remains high on our agenda, and while we continued to remain prudent in our provisioning, impairments charges are 38 percent lower year on year.
“We are experiencing good momentum in the sector and expect growth in the second half. This will contribute positively to the income statement and growth of the bank.”
Total assets of the bank reached QR49.45 billion in 2019 H1, while customer deposits at the bank touched QR25.65 billion.
Net operating income grew 5 percent quarter on quarter, reaching QR592 million. Operating expenses reached QR161 million, 3 percent lower compared to H1 2018.
