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Board of Directors of Al Khaliji approves H1 2010 results

Qatar: Wednesday, July 21 - 2010 @ 11:31

Net income reached QR112m for the six months period ended June 30, 2010, compared to QR108m for H1 2009, a 3.3% increase.

Net profit includes a net impairment charge of QR17m, compared to QR30m at June 2009.

Robin McCall, Acting Chief Executive Officer, said, “The continuous increase in our profit is due to the successful execution of our wholesale-led strategy developed at the end of 2009, in addition to the growing contributions from our wholly owned subsidiary Al Khaliji France covering both Paris and the UAE operations. We remain cautiously optimistic and will continue to manage all divisions in a prudent manner as we continue to build and deepen the foundations of the Bank for sustainable growth.”

On June 30, 2010, loans and advances to customers amounted to QR9.2bn, an increase of 12.7% when compared to 30 June 2009 and 7% when compared to 31 December 2009.

Financial investments, acquired as part of Al Khaliji’s liquidity management strategy, reached QR6.2bn at 30 June 2010, compared to QR4bn at 31 December 2009 and QR2.8bn at 30 June 2009.

His Excellency Sheikh Hamad Bin Faisal Bin Thani Al Thani, Al Khaliji Chairman and Managing Director, commented, “The economic outlook is improving, and we expect double digit growth rates in oil and non-oil sectors in Qatar to be maintained in 2010 and 2011. Al Khaliji is well positioned to benefit from the economic expansion and rising demand, in line with the Bank’s growth plans over the medium-term. Once again, we salute the perfect timing and incisive interaction in the domestic liquidity markets during June 2010 by the Qatar Central Bank and thank them and the State of Qatar for their outstanding management of the economy during this phase.”

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Wednesday, July 21- 2010 @ 11:31 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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