Al Khalij Commercial Bank (al khaliji), one of Qatar's leading banks, said its net profit for the first nine-months rose to QR378 million ($103.7 million) over the same period last year.  

The Qatari bank said its net interest income fell by 12 per cent to hit QR399 million compared to QR452 million achieved in the same period last year, largely due to shrinking margins, record low asset yields and the low level of interest rates.

The bank's net operating income, however, reached QR662 million.

Revenues grew in both local and international segments: Qatar’s conventional banking activities contributed 81 per cent of the net operating income while Al Khaliji France, the wholly owned subsidiary headquartered in Paris, with branches in the UAE, contributed 19 per cent.

Al Khaliji France’s net profit reached QR49 million, up 17 per cent compared to September 2011.

Commenting on the results, CMD Sheikh Hamad Bin Faisal Bin Thani Al Thani said: "We are pleased with the bank’s nine months results, achieved against a backdrop of declining international economic activity and a challenging political environment. We will continue to seek and pursue responsible strategies relevant to the uncertainties of the day."

The profit for the 3-months period ended September 30, 2012 reached QR117 million. Al khaliji said its net fee and commission income for the 9 months period reached QR84 million, up 8 per cent compared to September 2011.

Al khaliji’s total assets reached QR32 billion, up 19 per cent since the beginning of the year, with overseas operations representing 11 per cent of the Group’s total assets.

Group CEO Robin McCall said, "We foresee increased momentum developing with regards to the planned Qatar infrastructures spend. al khaliji remains well positioned to participate in this build out and we will continue to support this credit growth with our preferred customers."

"Our liquidity and funding position is a key focus area where we intend to remain strong against a backdrop of uncertain global market conditions. We intend to make a bond issuance in 2013 to further strengthen our long term funding arrangements," he added.-TradeArabia News Service