Al Khalij Commercial Bank (al khaliji) PQSC announced the release of its financial report for the first six months of 2018, reporting a Net Profit of QAR 335 million. This was driven by increase in operating income and effective cost management which lead to lower operating expenses.
Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing Director of al khaliji, said they continue to achieve robust profit due to the added momentum of their Qatar-centric medium term strategy.
Our prudent risk management practices coupled with strong capital position have laid a solid foundation for our growth. Qatar continues to be an attractive market for investors and we remain well positioned to capture that.’
According to Fahad Al Khalifa, al khaliji’s Group Chief Executive Officer, al khaliji is reporting a growing and consistent set of results for the first half of 2018, as they carefully navigate and capitalise on opportunities in the domestic economy during 2018. He said that these results are reflective of their focus on increasing their operating income, efficiently managing their cost base, and deploying their balance sheet in line with the bank’s risk appetite. The bank reported a half-year net profit of QAR335 million, 5% higher year-on-year.
In line with our strategic objective of delivering long-term sustainable revenues, we have been selective in growing our balance sheet, and despite our interest bearing assets being lower than at the same period last year, our overall yield on those assets has improved. In addition to that, growth in non-interest income has led us to report higher operating income year-on-year.’
The bank continues to focus on maintaining an efficient cost base, and for H1, 2018 their costs are said to be 3% lower year-on-year, with a cost to income ratio of 26.9% – one of the lowest amongst Qatari banks.
Credit quality remains high on agenda. Overall impairments charges are 6% lower year-on-year.
Key Highlights – H1, 2018 Results