(The Group’s Comments) Al Khaliji’s Net Profit Rises to QAR 352.15 Million for the First Half of 2019

July 23, 2019

·         Profits: Al Khalij Commercial Bank’s (Al Khaliji) profits rose by 5.0% to QAR 352.2 million in the first half of 2019, compared to QAR 335.3 million for the same period in 2018, while its earnings per share reached QAR 0.098 versus QAR 0.093. As for the second quarter, the bank posted a profit of QAR 175.8 million, compared to QAR 165.8 million for the corresponding period of 2018.

·         Comprehensive Income: The bank recorded valuation profits of QAR 54 million for the first quarter, compared to a loss of QAR 54 for the same period of 2018.

·         Operating Income: decreased by 4% to QAR 592.5 million in this first half from QAR 617.5 million recorded in the same period last year, due to a decline in profits of foreign currencies and investments by QAR 25.5 million, while the net interest income stood at QAR 477 million.

·         Operating Expenses & Allocations: decreased by QAR 46.1 million to QAR 227.8 million compared to QAR 273.9 million, as a result of the decrease in allocations during this period to QAR 67 million, compared to QAR 108 million for the same period of 2018.

·         Assets: loans and advances decreased by 8% in comparison with the same period of 2018, while deposits dropped by 11%. The ratio of loans to customer deposits reached 113.4% and the ratio of non-performing loans recorded 1.93% of total loans, and the return on shareholders' equity stood at 6.20% during this first half, compared to 3.10% for the corresponding period of 2018, and the book value of the bank reached QAR 1.59 per share.