Al Khaliji Reports Net Profit at QR 131.5 Million for the First Quarter of 2013

Doha, April 23 (QNA) - Al-khaliji Bank (KCBK), in Qatar has announced its financial results for the first quarter of 2013, reporting a Net Profit of QR 131.5 million. This represents an increase of 8 percent over its financial results for the same quarter of last year. A statement issued by the bank today said that Al-khaliji France achieved net profit of QR 17 million for Q1 2013, up by 53 percent compared to Q1 2012. The statement added that the revenue was generated mainly from the Qatar based conventional banking activities representing 87percent. The remaining 13 percent was generated from Al Khaliji France S.A., a wholly owned subsidiary headquartered in Paris (France). The Net Operating Income for Q1 2013 was at QR 231 million, 7 percent higher than Q1 2012, while the Investment income at QR 25 million is lower than Q1 2012 by 52 percent and total assets increased 28 percent by the end of March 2013 and reached QR 34.4 billion compared to QR 26.8 billion by the end of March 2012. Loans and advances for the first quarter of 2013 stood at QR 14.1 billion, 20percent higher than the same period of the previous year, the statement said adding that deposits grew 43 percent comparing to first quarter 2012 and were at QR 17.3 billion while loans to deposits ratio was at 81% by the end of March 2013. The earning per share was QR 0.37 for the first three months of this year, compared to QR 0.34 for the same period in 2012 and the capital adequacy ratio was at 19.9% and Tier 1 capital ratio at 18.3 percent. The statement explained that by the end of March 2013, the non-performing loans (NPL) were at QR 55.6 million, down 5.8% from end of 2012. The NPL ratio improved from end of 2012 and was at 0.39 percent by end of March 2013. HE Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing Director said: "This financial strength will allow us to continue fulfilling our strategic objectives for 2013 and beyond. The bank is adequately capitalized and well positioned to meet the requirements of future business growth. It also ensures liquidity at all times while creating additional value to shareholders". (QNA)