Al Khalij Commercial Bank (al khaliji) on Monday posted a net profit of QR561mn, up 3% year on year.
Net operating income grew 4% year on year, ending at QR1.09bn.
Total assets closed at QR58.5bn, increasing 6% year on year, al Khaliji said.
The capital adequacy ratio stood at a healthy 20.3% while loans and deposits increased by 11% and 7% year on year respectively.
Al khaliji’s operating expenses of QR238mn resulted in a cost/income ratio of 21.8%
These results, al Khaliji noted “reflect an increase in operating income by growing assets and effectively managing margins.”
Al khaliji chairman and managing director HE Sheikh Hamad bin Faisal bin Thani al-Thani stated, “al khaliji closed its third quarter delivering improved profitability year on year. We are announcing these results shortly after our Extra Ordinary General Meeting held on October 6, where shareholders approved our merger with Masraf Al Rayan. Our positive set of results and healthy capital well position us to create a larger merged bank that will continue to deliver value for all stakeholders.”
On the third quarter performance, al khaliji’s group chief executive officer Fahad al-Khalifa said, “We are pleased to report a 3% plus improvement in net profit year on year, which has come about by growing operating income as well as expanding our balance sheet. These results embody our focus on the market, selectively growing our balance sheet while steadily progressing in our merger with Masraf Al Rayan.
“Our shareholders approved the transaction, which enables us now to complete remaining requirements and obtain final regulatory approvals to complete the merger. Throughout this process, our teams have continued to energetically service our clients, and create value for our shareholders. Our consistent set of positive results so far are a reflection of their efforts. Our collective ambition remains to deliver a best in class merged Islamic bank to our customers”.