Posted on October 29, 2013

al khaliji (KCBK), the next generation bank in Qatar, disclosed its financial results for the first nine months of 2013, recording a Net Profit of QR 398.2 million. This represents an increase of 5.2% over its financial results for the same period of last year. Al Khaliji France S.A.’s net profit was QR 52.5 million by end of September 2013,up 7.5% compared to September 2012.

“These results confirm the effectiveness of our strategy for 2013 and beyond,” said Robin McCall, al khaliji's Group Chief Executive Officer. “al khaliji has a very strong position in terms of liquidity and capitalization and is on track to achieve its 2013 targets. We have recently completed the senior bond issue of USD 500 million under a Euro Medium Term Note Programme (EMTN) which was very successfully received by the international investors, being oversubscribed seven times. This proves the strong confidence of global investors in al khaliji and Qatar. ”

Income Statement highlights 

The Net Profit for the first nine months of this year stood at QR 398.2 million, 5.2% higher than the QR 378.5 million generated during the first nine month of 2012.

A total of 83% of revenues continue to be generated mainly from the Qatar based conventional banking activities. The remaining 17% was generated from Al Khaliji France S.A., its wholly owned subsidiary headquartered in Paris (France) with its four branches in different emirates in the UAE.

Netfee and commission income increased 81.4% for the period ending September 2013 to reach QR 108.8 million,representing 16% of the total operating income compared to 9% in September 2012. Net operating income for Q3 2013 was QR 697.7 million and investment income QR 138.3 million.

Balance Sheet highlights

Total assets increased by 7.7% compared to Q3 2012 to reach QR 34.6 Billion, spread between Qatar at 89% and Al Khaliji France S.A. at 11% of the group’s total assets. Loans and advances for the first nine months of 2013 rose to QR 16 billion, 26.0% higher than the same period of the previous year and 22.6% higher compared to end of December 2012.

Deposits increased year on year by 19.1 % to reach QR 17.8 billion at end of September 2013. Loans to deposits ratio was 91% at the end of September 2013.

Robin McCall, al khaliji Group Chief Executive Officers added: “We believe in maintaining a healthy balance sheet irrespective of business cycles.The bank is committed to enhancing its performance by identifying potential investment opportunities and revenue diversification. We are looking forward to the next quarter and the year ahead aiming to increase our business growth. We will continue to drive our organic expansion plans forward by growing our existing branch network. We have opened 1 more branch at City Center and will open another 2 before year end to effectively service our premium, private and corporate customers as an additional channel and source of sustainable business growth.”

Earnings per share and capitalization

Earnings per share wasQR 1.11 for the first nine months of this year, up 5.7% compared to the same period in 2012. The capital adequacy ratio was 18.9% and Tier 1 capital ratio 17.5%. 

Provisioning

The non-performing loans stood at QR 60.6 million by end of September 2013 and the NPL ratio improved to 0.37%.

Commenting on the good results of the third quarter of 2013, His Excellency Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing Director of al khaliji, said: "We are very pleased with another quarter of good performance. These results reflect the appropriate strategy implemented by the bank's management this year and approved by the board of directors.We will continue to deliver exceptional services to our valuable customers, and aim to grow further by expanding and diversifying our business, and provide reasonable value for all stakeholders.

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