Doha-headquartered Al Khalij Commercial Bank (al khaliji) has posted a net profit of QR425 million ($117 million) for the first nine months of the year.

Total assets grew by 6 per cent year-on-year (YOY) reaching QR58.5 billion in the third quarter of the year, while loans and advances stood at QR36.3 billion, up 15 per cent YOY.

Customer deposits increased 2 per cent YOY to QR29.8 billion. Net operating income stood at QR872 million, up 3 per cent on the same period last year, a statement said.

Sheikh Hamad Bin Faisal Bin Thani Al Thani, chairman and managing director stated: “Given the decline in energy prices and the challenging global market conditions, the results achieved in the third quarter were not unexpected and in line with market expectations.”

“Nonetheless, the bank’s outlook remains positive and healthy given our overall strong balance sheet, diversified business model, and robust capital position. We will continue to implement our strategic objectives, and I am confident that al khaliji will deliver quality growth and create further value for shareholders, enhancing our position in the local and regional market.”

Fahad Al Khalifa, al khaliji’s group chief executive officer said: “Our overall key financial indicators remain strong. The bank’s loan portfolio increased by almost 15 per cent compared to the same period last year. Our total asset base grew by 6 per cent to reach QR58.5 billion. Our net profit for the third quarter was impacted by our conservative approach in taking provisions which resulted in a final net profit of QR425 million.”

“Due to our prudent cost management, our cost to income ratio declined to 31 per cent from 35 per cent from same period last year. We will continue to improve our operational efficiency across all functions of the business, focusing on retaining client relationships, attracting new business in order to strengthen our position in Qatar and the region and generate value for our shareholders,” he added. – TradeArabia News Service