Net profits after tax reached QR58.1m for the three months period ended March 31, 2010, compared to QR51.7m for Q1 2009, a 12% increase.
Net profit includes a net impairment charge of 14.5 million (compared to QR0.3m on 31 March 2009).
Robin McCall, Acting Chief Executive Officer, said, “The increase is due to the successful execution of our wholesale-led strategy with growing contributions from both Paris and UAE operations.”
On March 31, 2010, loans and advances to customers amounted to just over QR9bn, an increase of 12.5% when compared to 31 March 2009 and 5.2% when compared to 31 December 2009.
Financial investments, acquired as part of Al Khaliji’s liquidity management strategy, reached QR5bn at 31 March 2010, compared to QR4bn at 31 December 2009 and QR1bn at 31 March 2009.
Customer deposits increased by QR2.6bn (+55%) compared to 31 March 2009.
His Excellency Sheikh Hamad Bin Faisal Bin Thani Al Thani, Al Khaliji Chairman and Managing Director, commented, “Qatar Government’s timely and strong support to banks and financial institutions during the financial crisis helped maintain the stability of the economy, moderated the impact of the crisis, and provided room for bank lending. Al Khaliji is well prepared to benefit from the enhanced growth prospects and growing public investments. I am particularly pleased that the quarter’s results reflect the fruit of the foresight displayed by the State of Qatar and the Qatar Central Bank and the good work performed by the Bank’s staff and Management team.”
Tuesday, April 20- 2010 @ 10:10 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.