Browse
related articles
Earnings per share for the 9 months period reached QR0.38, in comparison to QR0.06 on the same period last year. Loans, advances and financing activities grew 19% in 2009 and reached QR8.3bn on 30 September 2009.
Financial investments more than tripled in 9 months and reached QR3.5bn on 30 September 2009. This increase comes on the back of substantial growth in the Bank's customer deposits - up 66% since December 2008. Customer deposits reached QR7.7bn on 30 September 2009.
Total shareholders' equity, including paid-up share capital, reserves and retained profits, rose by 6% to QR4.8bn from QR4.5bn in December 2008.
Impairments rose to QR162.2m, up from QR30.5m on 31 December 2008. According to Christiaan de Beer, Chief Financial Officer, "The increase in impairments reflects the ongoing uncertainty surrounding credit conditions."
Net interest income increased by 7.6%, reflecting the continued pressure on margins.
Fee and commission income increased to QR91.3m, representing a 196% increase over the same period last year. This increase, combined with a QR42.1m contribution from the Bank's trading desk, led to a 68% increase in al khaliji Net Operating Income of QR391.8m in the 9 months period ended 30 September 2009.
The financial results were approved by the Bank's Board of Directors during its meeting held at al khaliji headquarter in Doha.
Robin McCall, Acting Chief Executive Officer, commented:
"The 3rd Quarter results are reflective of our efforts in growing our core banking activities whilst taking a prudent approach to risk. We will continue to focus on building a strong foundation to achieve sustainable profitability for our shareholders whilst focusing on diversifying and increasing our depositor base. We have made good progress in increasing efficiencies and reducing costs by 10% and believe we are well positioned for measured growth this year."
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 9 months period ended 30 September 2009, where al khaliji continued its expansion and realized healthy benefits in spite of the global market environment and credit conditions. We 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 financial institutions. This policy was instrumental in buffering the financial effects and economic consequences of the global and regional crisis. We expect a gradual improvement in financial conditions, as the result of public support policies in Qatar and the region will materialize further."
Posted by Rana Mesbah
