al khaliji bank: Net Profit Rises to QR 512.2 million in 2012

Doha, February 04 (QNA) - al khaliji (KCBK) on Monday released its consolidated financial statements for the year ended 31 December 2012 with a Net profit of QR 512.2 million for 2012, 5.2% higher than last year. al khaliji has continued a consistent growth in net profit since its inception, the bank said in a statement. The consolidated financial statements for the year ending 31 December 2012 were approved by the Board of Directors of al khaliji during its meeting held in Doha on 4 February 2013. HE Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing Director said: "The good results al khaliji has achieved in a year characterized by a very constrained banking environment, reveal the clear strategy and vision of our Board of Directors, which is being well executed by a dedicated team. With a strong focus on our preferred banking core areas, and realizing the opportunities that presents itself in a low rate environment we have continued generating good results. "We believe that our priority is to continue the growth while maintaining a solid balance sheet for the expected conditions.", he added. Income Statement highlights al khaliji declared a Net Profit of QR 512.2 million, 5.2% higher than last year. The revenue was generated mainly from the Qatar based conventional banking activities representing 84%. The Net Operating Income for the full year 2012 was at QR 969 million, 3.2% higher than 2011. The Investment income at QR 396 million was higher than 2011 by 133%. This result demonstrates the fruits of our prudent investment strategy which continued in 2012, concentrating on quality, Qatar issued fixed investments. Robin McCall, al khaliji s Group Chief Executive Officer stated: "al khaliji maintained its growth throughout 2012 due to growth in the core business amid declining yields and profitable investment opportunities while remaining conservative in its approach." Balance Sheet highlights Total assets increased 24% by the end of 2012 and reached QR 33.7 billion comparing to QR 27.2 billion by the end of 2011. Loans and advances by end of 2012 stood at QR 13.0 billion, 13% higher than the previous year while Deposits grew 43% and were at QR 17.3 billion in 2012 comparing to QR 12.1 billion by the end of 2011. Loans to deposits ratio was at 77% by end 2012. "In spite of the loan growth in 2012, the loans to deposits ratio was based on sufficient inflows of deposits which reflects the funders confidence in our bank." Added Mr. McCall. His Excellency Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing Director concluded: "We are very satisfied with the 2012 results especially knowing that the global economy is still vulnerable. We continue to have a positive outlook for the Qatar economy in 2013 and for the ongoing growth of our bank. We are well positioned to support the government projects and the public sector. Our focus remains on our strategies to grow while maintaining a prudent balance sheet, and remain committed always to provide good returns to our valuable shareholders for the years to come. The bank s rating was recently affirmed at A- by Fitch with stable outlook which reflects positively for the future.", he concluded. (QNA)