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Tribune news network
Doha
Al Khalij Commercial Bank (al khaliji) on Monday announced its financial results for the third quarter of 2021, reporting a net profit of QR561 million, an increase of 3 percent compared to same period last year.
The results reflect an increase in operating income by growing assets and effectively managing margins.
Sheikh Hamad bin Faisal bin Thani al Thani, Chairman and Managing Director of al khaliji, said, “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.”
Commenting on the Q3 performance, Fahad al Khalifa, al khaliji’s Group CEO said, “We are pleased to report over 3 percent 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”.
Net operating income grew 4 percent year on year, ending at QR1.09 billion
Operating expenses of QAR 238 million, resulted in a cost/income ratio of 21.8 percent. Loans and deposits increased by 11 percent and 7 percent year on year respectively.
Total assets closed at QR58.5 billion, increasing 6 percent year on year.
Doha
Al Khalij Commercial Bank (al khaliji) on Monday announced its financial results for the third quarter of 2021, reporting a net profit of QR561 million, an increase of 3 percent compared to same period last year.
The results reflect an increase in operating income by growing assets and effectively managing margins.
Sheikh Hamad bin Faisal bin Thani al Thani, Chairman and Managing Director of al khaliji, said, “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.”
Commenting on the Q3 performance, Fahad al Khalifa, al khaliji’s Group CEO said, “We are pleased to report over 3 percent 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”.
Net operating income grew 4 percent year on year, ending at QR1.09 billion
Operating expenses of QAR 238 million, resulted in a cost/income ratio of 21.8 percent. Loans and deposits increased by 11 percent and 7 percent year on year respectively.
Total assets closed at QR58.5 billion, increasing 6 percent year on year.
