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Al Khaliji Reports 8% increase in Net Profit at QR 131.5 Million For The First Quarter Of 2013

• Net profit of QR 131.5 million for the first quarter of 2013 is 8% higher than the same period of 2012
• Total assets at QR 34.4 billion, 28% higher than the first quarter of 2012
• Loans and advances grew by 8% during Q1 2013 and 20% comparing with Q1 2012 to reach QR 14Bn
• Net fee and commission income at QR 47.3 million, up 82% comparing with same period in 2012
• Earnings per share were at QR 0.37 by end of Q1 2013,9% higher than the first quarter of 2012

Doha, Qatar- April 24, 2013: (ME NewsWire)alkhaliji (KCBK), in Qatar, announced its financial results for the first quarter of 2013, reporting a Net Profit of QR 131.5 million. This represents an increase of 8% over its financial results for the same quarter of last year.

Al khaliji France S.A.'s net profit was QR17 million forQ1 2013, up by 53% compared to Q1 2012.

'al khaliji is starting the year 2013 with a solid financial performance. We are in line with our new 2013 strategy and these results depict the Bank's sustained positive performance quarter after quarter,' said Rob McCall, Chief Executive Officer, al khaliji.

Income Statement highlights

The Net Profit for the first quarter of this year stood at QR 131.5 million,8% higher than the QR 121.8 million generated during first quarter of 2012.
The revenue was generated mainly from the Qatar based conventional banking activities representing 87%. The remaining 13% was generatedfrom Al Khaliji France S.A., its wholly owned subsidiary headquartered in Paris (France) with its four branches in four different emirates in the UAE.

The Net Operating Income for Q1 2013 was at QR 231 million, 7% higher than Q1 2012.

The Investment income at QR 25 million is lower than Q1 2012 by 52%. This result demonstrates the efficiency of our new strategy by focusing more on generating income from the conventional business while maintaining a good return on investments.

Robin McCall, al khaliji Group Chief Executive Officers stated:

'The Bank's results for the first quarter reflect al khaliji's board guidance and management's primary focus to continue to deliver high-quality returns to all our stakeholders'.

Balance Sheet highlights

Total assets increased 28% by the end of March 2013 and reached QR 34.4 billion comparing to QR 26.8 billion by the end of March 2012.

Al khaliji France S.A.'s represented 10 percent of the group's total assets.

Loans and advances for the first quarter of 2013 stood at QR 14.1 billion,20% higher than the same period of the previous year.
Deposits grew 43% comparing to first quarter 2012 and were at QR 17.3 billion.

Loans to deposits ratio was at 81% by the end of March 2013.

Earnings per share and capitalization

The earningper share was QR 0.37 for the first three months of this year, compared to QR 0.34 for the same period in 2012.
The capital adequacy ratio was at 19.9% and Tier 1 capital ratio at 18.3%.

By the end of March 2013, the non-performing loans were at QR 55.6 million, down 5.8% from end of 2012. The NPL ratio improved from end of 2012 and was at 0.39% by end of March 2013.

His Excellency Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing      Director concluded:

'This financial strength will allow us to continue fulfilling our strategic objectives for 2013 and beyond. The bank is adequately capitalized and well positioned to meet the requirements of future business growth. It also ensures liquidity at all times while creating additional value to shareholders”.

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Posted by : Dubai PR Network Editorial Team
Viewed 13749 times
PR Category : Government, Legal & Humanity
Posted on : Wednesday, April 24, 2013  5:28:00 PM UAE local time (GMT+4)
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