(The Group’s Comments) Al Khaliji’s Net Profit Rises 6% to QAR 497 Million in Q3 2019

 

Ø  Profits: increased by 6% to QAR 28 million for the nine months period ended 30 September 2019, recording QAR 497 million, compared to QAR 469 million for the same period in 2018. The bank’s earnings per share amounted to QAR 0.138 compared to QAR 0.13 for the corresponding period of the previous year. As for the profits of the third quarter, they stood at QAR 144.8 million, compared to QAR 133.7 million for the same period in 2018.

 

Ø  Comprehensive Income: The bank posted an assessment profit through the statement of comprehensive income near QAR 55.66 million, versus QAR 61.47 million recorded in the previous year.

 

Ø  Operating Income: climbed by 1.1% to QAR 896 million, in comparison to QAR 887 million in the same period last year, due to an increase of QAR 42.5 million in the net interest income. In contrast, net commission income decreased by QAR 16.1 million, and foreign currency profits by about QAR 17 million.

 

Ø  Operating expenses & Allocations: dropped by QAR 23 million to settle at QAR 383 million, compared to QAR 406 million in the same period of last year. This drop was due to the QAR 23 million decrease in the allocations for the decline in loans and advances of customers, which stood at about QAR 136 million, compared to QAR 159 million for the corresponding period of 2018.

 

Ø  Assets: loans and advances decreased by 9% compared to the same period in 2018, while client deposits dropped by 14 %. The ratio of loans to customer deposits stood at about 109.9%, and non-performing loans settled at 1.93% of the total loans. As for return on equity for the third quarter of 2019, it amounted to 7.24%, compared to 7.14% for the corresponding period of 2018, and the bank’s book value amounted to QAR 1.91 per share.