al khaliji (KCBK), in Qatar, announced its financial results for the third quarter of 2014, reporting a Net Profit of QR145.9 million.

This represents an increase of 35% over the same quarter of last year. The Net Profit for the first nine months of this year stood at QR404.7 million compared to QR398.2 million generated during the first nine months of 2013.

Al Khaliji France S.A.’s net profit was at QR45.3 million in Q3 2014 and represents 11% of the Group net income. al khaliji newly appointed Group Chief Executive Officer, Fahad Al Khalifa, stated:

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.’

Income Statement highlights

Net Profit for the third quarter of 2014 is QR145.9 million compared to QR107.7 million for the third quarter of 2013. Net Profit for the first nine months of this year is QR404.7 million compared to QR398.2 million for the same period in 2013. For the nine months ended September 2014, net interest income increased by 24%, to QR547.5 million compared with the same period in 2013. Net fee and commission income increased in the same period to reach QR127.9 million compared to QR108.8 million in the first nine month of 2013.

Balance Sheet highlights

Total assets reached QR48.2 billion in the first nine months of 2014, up 39% from Q3 2013 and up 17% from the period ending December 2013. Al khaliji France S.A.’s assets represented 9% of the group’s total assets. Loans and advances grew by 54% compared to same period in 2013 to reach QR 24.7 billion, and is 19% higher than the period ending December 2013. Customer deposits grew to QR25.6 billion, up 44% compared to the first nine months of 2013 and up 29% from the fourth quarter of 2013.

Earnings per share and capitalisation

Earnings per share were QR1.12 for the first nine months of this year.  The bank’s capital adequacy ratio was 16.8% as per Basel III.

Provisioning

Non-performing loans ratio is 1.3% at the end of September 2014.  HE Sheikh Hamad bin Faisal bin Thani Al Thani, Chairman and Managing Director, said:

al khaliji’s robust financial performance is in line with Qatar’s stable and consistent economic growth. 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.’

For more information, visit al khaliji’s website