Al Khaliji releases its first quarter 2009 results

Q1 net profits reached QR51.7m for the three months period ended on March 31, 2009, compared to QR7.05m for Q1 2008.

His Excellency Sheikh Hamad Bin Faisal Bin Thani Al Thani, Al Khaliji Chairman and Managing Director, commented on the results: "Our strategy and operations delivered remarkable results in Q1 2009. The increase in net profit and net operating income for the three months ended on March 31, 2009 not only reflect Al Khaliji's ability to meet its commitments but also illustrate that we are on track to achieve our medium and long term objectives".

The Bank's net operating income rose by 78% (compared to Q1 2008) and reached 121.3mm. Earnings Per Share (EPS) reached QR0.07, compared to QR0.01 in Q1 2008.

The increase in profit is accompanied with another notable improvement in the Bank's balance sheet: Total assets reached QR14.6bn for the three month period ended on March 31, 2008, a 17% increase over December 31, 2008.

Robin McCall, Al Khaliji Acting Chief Executive Officer, said; "The continued growth in loans and deposits is an excellent result. Our strong capital base allows us to maintain our expansionary business strategy, in spite of the challenges posed by the international financial crisis".

On March 31, 2009, loans and advances to customers amounted to QR8.0bn, an increase of 15% when compared to December 2008.