Posted on April 24, 2020

Al Khalij Commercial Bank (al khaliji) P.Q.S.C, in Qatar, released today its consolidated financial statements for the quarter ended 31 March 2020 with a Net Profit of QAR 177million.

His Excellency Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing Director stated: “al khaliji’s results for the first quarter of 2020 embody the resilience of our business. We announce these results as we face the Covid-19 pandemic, one of the most important challenges of our lifetimes. Our Bank has taken the necessary steps to continue serving our customers with minimum disruption, in a safe and secure environment. The health and well-being of our employees, clients, investors and community remains a high priority, and the bank will ensure continuity of services keeping this priority at the forefront. We hope the severity of this pandemic reduces soon and life returns to normality”

Al Khaliji reports a net profit 2 [qatarisbooming.com].jpgCommenting on the quarter’s performance, Fahad Al Khalifa, al khaliji’s Group Chief Executive Officer said: “We ended the first quarter of 2020 expanding Balance Sheet and growing Operating Income. At the same time, we remain prudent and took necessary risk management steps, which included enhancing our provisions, and keeping close control over operating costs, enabling us to deliver a net profit of QAR 177 million. With a strong capital base, good liquidity, provision coverage and efficient control of costs, we are well placed to face the current challenges posed by the Coronavirus pandemic.

This pandemic affects us all. Our primary goal is to safeguard our employees and their families. Coupled with that, our other goal is to maintain continuity of service to our customers with minimal disruption, and the bank has taken effective steps to deliver on this. In addition, in accordance with the directives of HH the Amir Sheikh Tamim bin Hamad Al –Thani and guidelines issued by the Qatar Central Bank, we are working with our customers in effected sectors to see how best to accommodate their situation. In the present economic environment, we continue to maintain focus, monitoring each of our business lines, and remain in close contact with our customer to ensure we take appropriate responses in time to protect the interests of all stakeholders.

I would also like to take the opportunity to thank the entire al khaliji team for their efforts in continuing to work with the highest level of professionalism, and I pray for everyone’s wellbeing.”

Key Financial highlights:

Income Statement - QAR million

Q1 2020

Q1, 2019

Change

Revenue

315

289

+9.0%

Expenses

82

77

+6.4%

Net Impairment Loss

52

30

+73.3%

Profit

177

176

+0.3%

Cost Income Ratio

26.1%

26.8%

-2.6%

Earnings  Per Share (QAR)

0.05

0.05

+0.3%

Rating

Fitch A / Stable

Moody’s A3 / Stable

         

Balance Sheet - QAR million

Q1 2020

Q1, 2019

Total Assets

56,129

50,204

Net Loans & Advances

31,628

30,839

Deposits

28,816

26,986

Total Equity

6,378

6,509

Non-Performing Loans (%)

1.84%

1.93%

Capital Adequacy Ratio (%)

17.6%

18.4%

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