Doha, Qatar: Al Khalij Commercial Bank (al khaliji) P.Q.S.C., announced its financial results for the third quarter of 2020, reporting a year to date Net Profit of QAR 544 million. These results reflect an increase in operating income by growing assets and effectively managing margins.
His Excellency Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing Director stated:
“al khaliji closed its 3rd quarter delivering improved profitability year on year. These results are the outcome of our team remaining focused during a time of uncertainty and ensuring that we continue delivering value for all stakeholders”.
Commenting on the Q3, 2020 performance, Fahad Al Khalifa, al khaliji’s Group Chief Executive Officer said: “We are pleased to report a 9% improvement in net profit year on year, which has come about by growing operating income as well as expanding our balance sheet. We continue to grow in our domestic market in Qatar, selectively capitalizing on opportunities and diligently managing our margins.
While sequentially growing operating income, we have also ensured that the Group continues to maintain an efficient cost base, improving its cost to income ratio.
At the end of the first half of 2020, we had announced exploring a potential merger with Masraf Al Rayan. The potential merger discussions between the two banks are going on as scheduled and we remain committed to informing the public and investors about any significant progress in this regard.
Economic conditions of the back of the COVID 19 pandemic continue to remain the biggest challenge for 2020. However, with a strong capital base, good liquidity, provision coverage and efficient control of costs, we are well positioned to face this challenge”.
Results as at September 30, 2019 - Key highlights: