Al Khalij Commercial Bank (al khaliji) PQSC in Qatar, released its consolidated financial statements for the quarter ended 31 March 2019 today with a Net Profit of QAR176 mn. This represents an increase of 4% over its financial results for the same period of last year.
HE Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing Director, stated:
We began the year on a solid footing, reporting improved profitability in the first quarter of the year. Qatar has announced a surplus budget for 2019, with projects worth QAR48 bn expected to be awarded during 2019. These will lend positively to the economy. In line with our strategic focus on the domestic market, we aim to support our clients in participating in these projects, and the growth of Qatar during 2019.’
Commenting on the quarter’s performance, Fahad Al Khalifa, al khaliji’s Group Chief Executive Officer, said:
al khaliji had a strong start to 2019, with profits increasing by 27% on the prior quarter and 4% year on year. The outcome is owing to better optimisation of our balance sheet to deliver sustainable earnings at higher margins.
Because of these efforts, I am pleased to report that while the average balance sheet marginally shrank compared to the last quarter, Operating Income increased by 13% in the quarter while NII and Fee Income grew by 6% and 37% respectively. Alongside optimising revenues, we have continued to keep a close watch on our expenses, which are down 5% on Q1 2018 resulting in an efficiency ratio of 26.8%.
al khaliji places great emphasis on delivering an enhanced service to its client base and once again has received industry recognition in this regard; the bank was awarded ‘Best Corporate Bank Qatar’ and ‘Best Financial Inclusion Programme MENA’ at the recently held the European Magazine Awards.
Risk management continues to remain at the heart of our operating philosophy. Our proactive approach in managing our loan portfolio, coupled with a conservative attitude to provisioning has led to a 51% reduction in net impairments compared to the same period last year.’
Key highlights – Q1, 2019:
For further information on al khaliji, please visit www.alkhaliji.com