Qatar-based Al Khalij Commercial Bank (al khaliji) has reported a net profit of QR160.9 million ($44.19 million) for the first quarter of 2017, an increase of 3 per cent over for the same period last year.

Sheikh Hamad Bin Faisal Bin Thani Al Thani, chairman and managing director, stated: “These results prove our determination in continuing our franchise growth despite the global and regional economic conditions. We are well prepared to continue accomplishing success during 2017, taking into consideration the moderate energy price at the current levels, while keeping our focus on the best interest for our shareholders.”  

Fahad Al Khalifa, al khaliji’s group chief executive officer, said: “Our results for the three months reflect the ongoing development of our franchise in Qatar with growth in key financial metrics.  The financials demonstrate our ability to grow our net interest income and fee and commission revenue streams while continuing to diversify our funding base. Our private banking business has been the primary driver of growth in both sides of the balance sheet in Q1.

“In recognition of the current operating environment, we continue to effectively manage our credit risk and prudently build our impairment provisions. Despite this our net profit showed an increase of 3 per cent YoY to QR160.9 million,” he added.  

“The bank has achieved a cost to income ratio of 26.8 per cent through ongoing efficient management of its cost base and increased revenue generating capability. Our capital adequacy ratio, per Basel III, was 16.2 per cent at the end of March,” he added.

Net interest income increased by 1 per cent to QR230.9 million at quarter end March 2017.  Net fee and commission income reached QR62.1 million, up 11 per cent compared to QR56.1 million at quarter end March 2016.  Earnings per share was QR0.45 in the first quarter of 2017. – TradeArabia News Service