Al Khaliji, a leading commercial bank in Qatar, has reported a net profit of QR145.9 million ($40 million) for the third quarter of 2014, representing an increase of 35 per cent over the same quarter of last year.

The net profit for the first nine months of this year stood at QR404.7 million ($111 million) compared to QR398.2 million ($109.2 million) generated during the first nine months of 2013.

Al Khaliji France S.A.’s net profit was at QR45.3 million ($12.4 million) in Q3 2014 and represents 11 per cent of the Group net income.

Fahad Al Khalifa, Al Khaliji’s newly appointed Group chief executive officer said: “Al Khaliji continues to experience a healthy increase in its loan and deposit base driven by a highly distinctive customer proposition.”

“We have reshaped our business model to generate strong profit growth from our core banking franchise and progressively reduce reliance on investment income. In line with our strategy we will continue to create a coherent bank with a solid platform for continued growth and to ensure Al Khaliji is a very relevant player in the local market.”

Total assets reached QR48.2 billion ($13.2 billion) in the first nine months of 2014, up 39 per cent from Q3 2013 and up 17 per cent from the period ending December 2013.

Al Khaliji France S.A.’s assets represented 9 per cent of the group’s total assets.

Loans and advances grew by 54 per cent compared to same period in 2013 to reach QR24.7 billion ($6.77 billion), and is 19 per cent higher than the period ending December 2013.

Customer deposits grew to QR25.6 billion ($7 billion), up 44 per cent compared to the first nine months of 2013 and up 29 per cent from the fourth quarter of 2013.

“Al Khaliji’s robust financial performance is in line with Qatar’s stable and consistent economic growth,” said Sheikh Hamad Bin Faisal Bin Thani Al Thani, chairman and managing director.

“The revised business focus and structural changes we outlined in our three year strategy 2013-2015 are bearing fruit, with strong core earnings and quality loan growth in all geographies.

“Our roadmap across all business units is clear as is our resolute objective of ensuring we continue to foster meaningful long term relationships with all our valued clients. We remain very positive for the future and well placed to deliver attractive long term sustainable shareholder value,” he concluded. – TradeArabia News Service