Qatar-based Al Khalij Commercial Bank (al khaliji) has reported a net profit of QR469 million ($127.4 million) for the third quarter (Q3) of the year, marking a 3.5 per cent growth year-on-year.

This improved net profit was a result of effectively managing margins, controlling costs and a reduction in impairments, a bank statement said.

Sheikh Hamad Bin Faisal Bin Thani Al Thani, chairman and managing director stated: “al khaliji has delivered consistent growth in profitability, by maintaining focus on delivering our Qatar-centric medium term strategy. These results reflect our commitment to our strategy, which is being delivered on the foundations of a strong capital base and excellent liquidity. We are proud of Qatar’s progress during this year, and are well positioned to capitalize on its growth during the future”

Fahad Al Khalifa, al khaliji’s Group chief executive officer said: “We are pleased to report positive results for Q3, 2018 delivering an increase in net profit of 3.5 per cent year on year. These results embody selective growth, continued focus on our domestic market in Qatar and at the same time managing our cost base effectively.”

“The bank continues to focus on maintaining an efficient cost base, and consistent with earlier quarters, our costs are 3.4 per cent lower year on year. We remain focused on credit quality across the Group, and we continue to remain prudent in our provisioning. That said, we have reduced overall impairment charges by 28 per cent year on year.

“Qatar’s economy continues to grow including in the non-hydrocarbon sector. We are well positioned to benefit from increased business with our clients in both our Wholesale Banking and Private Banking franchises, as our clients tap into the commercial opportunities that the economy continues to present,” he added.- TradeArabia News Service