Al khaliji releases its first quarter 2009 results
· al khaliji continues its expansionary business strategy
· Notable increase in net income and total assets
· Earnings per share reaches QR 0.07, compared to QR 0.01 in Q1 2008
After successfully holding its first ever Annual General Assembly (AGA) and an Extraordinary General Assembly meeting last week, al khaliji released its Q1 2009 financial results today, which show a notable increase in net profit and a strong expansion in total assets.
Q1 net profits reached QR 51.7 mm for the three months period ended on March 31, 2009, compared to QR 7.05 mm for Q1 2008.
His Excellency Sheikh Hamad Bin Faisal Bin Thani Al Thani, al khaliji Chairman and Managing Director, commented on the results: “Our strategy and operations delivered remarkable results in Q1 2009. The increase in net profit and net operating income for the three months ended on March 31, 2009 not only reflect al khaliji's ability to meet its commitments but also illustrate that we are on track to achieve our medium and long term objectives”.
The Bank’s net operating income rose by 78% (compared to Q1 2008) and reached 121.3 mm. Earnings Per Share (EPS) reached QR 0.07, compared to QR 0.01 in Q1 2008.
The increase in profit is accompanied with another notable improvement in the Bank’s balance sheet: Total assets reached QR 14.6 bn for the three month period ended on March 31, 2008, a 17% increase over December 31, 2008.
Robin McCall, al khaliji Acting Chief Executive Officer, said; “The continued growth in loans and deposits is an excellent result. Our strong capital base allows us to maintain our expansionary business strategy, in spite of the challenges posed by the international financial crisis”.
On March 31, 2009, loans and advances to customers amounted to QR 8.0 bn, an increase of 15% when compared to December 2008.
