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Tribune News Network
Al Khalij Commercial Bank (al khaliji) on Wednesday announced that the bank registered a net profit of QR683 million in 2020, an increase of 5.7 percent over the previous year.
Net operating income of the bank reached QR1.433 billion, up 21.6 percent compared to 2019.
Loans and advances reached QR33.9 billion, up 10 percent from 2019, while deposits reached QR30.7 billion, an increase of 5.4 percent compared to 2019.
Total assets of the bank increased 5 percent to reach QR56.5 billion by the end of 2020. Total equity strengthened by 7.4 percent to QR7.5 billion.
The capital adequacy ratio at year-end stood at a healthy 19.4 percent.
Commenting on the results, al khaliji Chairman and Managing Director Sheikh Hamad Bin Faisal Bin Thani Al Thani said, “The bank closed 2020 on a firm footing, delivering increased profitability of QR683 million. We have achieved this result navigating through a challenging year in the backdrop of the COVID – 19 pandemic, and this is an outcome of steady leadership, excellent dedication, integrity and hard work of our staff.”
“We also successfully concluded the merger discussions with Masraf Al Rayyan announced earlier in the year. This merger will, once effected, create one of the largest Shari’ah-compliant banks in Qatar and in the Middle East, and contribute positively towards the local economy and Qatar National Vision 2030,” the chairman said.
Commenting on the year’s performance, al khaliji Group Chief Executive Officer Fahad Al Khalifa said, “We ended 2020 on a positive note. We have delivered good results by increasing operating income, our balance sheet as well as improving margins, and at the same time remaining prudent in our provisioning to cater for any potential future impacts of the COVID-19 pandemic.”
“We remained focused during a tough and uncertain year, growing net operating income by 22 percent year-on-year to QR1.4 billion. This was achieved by a combination of selective growth in loans and improving margins by efficiently managing the cost of liabilities. Excluding one-off items, operating costs also remained nearly similar to 2019 levels, at QR 330 million. With a view to building resilience to cater for the long-term potential impacts of the pandemic, we materially increased our provisioning compared to last year, which totalled QR 365 million for the year,” Khalifa said.
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