Al Khaliji profit up 6% to QR646mn in 2019
January 20 2020 11:53 PM
RELATED STORIES
Al Khaliji
Al-Khalifa: Positive year. and Sheikh Hamad: Growth vision.

Better operating margins and cost management have helped Al Khaliji report a 6% year-on-year expansion in net profit to QR646mn during 2019 and suggest a 7.5% cash dividend.
The results and the dividend are subject to the approval of the Qatar Central Bank and shareholders at the annual general assembly meeting.
The lender’s net operating income grew 3% to QR1.18bn, while operating expenses were flat at QR329mn in the review period.
“These results are in line with our vision of steady growth... The government has announced a progressive budget for 2020, with QR90bn announced for major projects including infrastructure. This will continue to create opportunities in the economy. We remain confident of our active participation in the local economy, and monetising opportunities to deliver better value for all stakeholders of the bank,” said Sheikh Hamad bin Faisal bin Thani al-Thani, chairman and managing director.
The bank witnessed a 7% decline in net impairment loss to QR176mn. Its efficiency (cost-to-income) ratio improved to 27.9% at the end of December 31, 2019, compared to 28.8% in the previous year.
“2019 was yet again a positive year for Al Khaliji. We have delivered these results by increasing operating income by improving margins, maintaining an efficient cost base, strengthening our capital and funding positions,” according to Fahad al-Khalifa, Al Khaliji’s group chief executive.
Total assets stood at QR53.77bn in 2019 against QR52.1bn a year ago. “We remain progressive in building our balance sheet...Our balance sheet remains strong and liquid with 27% of total assets comprising of cash and high quality investment securities, and capital adequacy ratio standing at a robust at 19.1%,” he said.
The bank’s non-performing loan coverage ratio stood at 131% at the end of December 31, 2019, compared to 109% in the previous year.
Total deposits amounted to QR29.19bn at the end of 2019, compared to QR28.85bn in the previous year.
Total equity stood at QR7bn as on December 31, 2019 against QR6.56bn a year ago.



There are no comments.

LEAVE A COMMENT Your email address will not be published. Required fields are marked*
MORE NEWS

HAPPENING IN DOHAMore