Qatar: al khaliji Publishes Its Q3 2009 Financial Results

Published October 20th, 2009 - 10:39 GMT
Al Khalij Commercial Bank (al khaliji) unveiled today its Group
consolidated financial results for the 9 months period ended 30 September 2009. The figures show
that the consolidated net profit after tax reached QR 136.3 million, an increase of 543 percent in
comparison to the results for the same period in 2008. Consolidated net profit after tax for the 3
months period ended 30 September 2009 totaled QR 27.9 million, up 226 percent on the same
period in 2008.
Earnings per share for the 9 months period reached QR 0.38, in comparison to QR 0.06 on the
same period last year.
Loans, advances and financing activities grew 19 percent in 2009 and reached QR 8.3 billion on
30 September 2009.
Financial investments more than tripled in 9 months and reached QR 3.5 billion on 30 September
2009. This increase comes on the back of substantial growth in the Bank’s customer deposits – up
66 percent since December 2008. Customer deposits reached QR 7.7 billion on 30 September
2009.
Total shareholders’ equity, including paid-up share capital, reserves and retained profits, rose by 6
percent to QR 4.8 billion from QR 4.5 billion in December 2008.
Impairments rose to QR 162.2 million, up from QR 30.5 million on 31 December 2008. According
to Christiaan de Beer, Chief Financial Officer, “the increase in impairments reflects the ongoing
uncertainty surrounding credit conditions”.
Net interest income increased by 7.6 percent, reflecting the continued pressure on margins.
Fee and commission income increased to QR 91.3 million, representing a 196 percent increase
over the same period last year. This increase, combined with a QR 42.1 million contribution from
the Bank’s trading desk, led to a 68 percent increase in al khaliji Net Operating Income of QR
391.8 million in the 9 months period ended 30 September 2009.
The financial results were approved by the Bank’s Board of Directors during its meeting held at al
khaliji headquarter in Doha.
Robin McCall, Acting Chief Executive Officer, commented: “The 3rd Quarter results are reflective of
our efforts in growing our core banking activities whilst taking a prudent approach to risk. We will
continue to focus on building a strong foundation to achieve sustainable profitability for our
shareholders whilst focusing on diversifying and increasing our depositor base. We have made
good progress in increasing efficiencies and reducing costs by 10% and believe we are well
positioned for measured growth this year”.
His Excellency Sheikh Hamad Bin Faisal Bin Thani Al-Thani, al khaliji Chairman and Managing
Director, commented : “We are very satisfied with the results achieved during the 9 months period
ended 30 September 2009, where al khaliji continued its expansion and realized healthy benefits
in spite of the global market environment and credit conditions. We extend our gratitude to the
Government of Qatar for its effective policy on financial, monetary and economic levels which aims
at helping Qatari enterprises and financial institutions. This policy was instrumental in buffering the
financial effects and economic consequences of the global and regional crisis. We expect a
gradual improvement in financial conditions, as the result of public support policies in Qatar and
the region will materialize further”.

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