Al Khaliji publishes its H1 2009 financial results

The report shows a remarkable improvement in the Bank's financial indicators as the consolidated net profits after tax reached QR108.4m, increasing by 850% in comparison to the results for the same period in 2008.

Loans and advances grew 17% (and reached QR8.2bn) and financial investments more than doubled (reaching QR2.8bn) on the back of substantial growth in customer deposits - up 64% since December 2008.

Total shareholders' equity, including paid-up share capital, reserves and retained profits, rose to QR4.8bn from QR4.5bn in December 2008.

The financial results were approved by the Bank's Board of Directors during its meeting held yesterday at Al Khaliji's headquarter in Doha.

Al Khaliji carefully follows the economic developments in the GCC in an aim to foresee the upcoming developments. While satisfied with the progressive improvements in the economic situation, it does not see a room for growth to return to previous levels before 2010.

His Excellency Sheikh Hamad Bin Faisal Bin Thani Al-Thani, Al Khaliji Chairman and Managing Director, commented:

"We are very satisfied with the results achieved during the first half of 2009 where Al Khaliji continued its expansion despite the regional and global financial turmoil. We would like to extend our gratitude to the Government of Qatar for its effective policy on financial, monetary and economic levels which aims at helping Qatari enterprises and motivating the growth. This policy was instrumental in avoiding the financial consequences and economic troubles the other countries are currently witnessing."

Robin McCall, Al Khaliji's Acting Chief Executive Officer, commented, "Al Khaliji continues to reach new milestones in its achievements, including the opening of Al Khaliji's first Islamic branch - Al Khaliji al islami - in H1. Despite the global economic slowdown, Qatar's economy remains stable, with al Khaliji being well positioned to take advantage of the projected growth in Qatar this year. We are grateful to the Government of Qatar and the Qatar Central Bank for their continued support and guidance as well as our shareholders confidence in the journey ahead."