• Net profit increased from QR 550.9 in 2013 to reach QR 562.9 million in 2014

  • Total assets grew by 24% to QR 51.2 billion

  • Loans and advances rose by 30% to reach QR 26.9 billion by the end of 2014

  • Deposits reached QR 27.4 billion, up 38% from the previous year

  • Board of Directors recommends a 10% Cash Dividend of the nominal share

Doha, January 25, 2014

al khaliji (KCBK), in Qatar, released its consolidated financial statements for the year ended 31 December 2014 today with a Net profit of QR 562.9 million for 2014, up from QR 550.9 in 2013.

The consolidated financial statements for the year ending 31 December 2014 were approved by the Board of Directors of al khaliji during its meeting held in Doha on 25 January 2015.

The figures are subject to Qatar Central Bank's approval and AGA endorsement.

Fahad Al Khalifa, al khaliji Group Chief Executive Officer  stated:

"The financial results for 2014 reflect a solid performance for the bank. We continue to drive our profitability from our Wholesale operations and our award winning Premium and Private Banking offering. Profits for the year exhibit a strong growth in our banking franchise, combined with a prudent approach to risk, and effective management of costs. Contribution from our overseas operations, which includes our new subsidiary Qatar Capital Limited based in the DIFC, now account for 24% of total revenues. We look forward with confidence to 2015 and aim to further increase shareholder value through the successful execution of our strategy".

Income Statement highlights

Al khaliji reported a Net Profit of QR 562.9 million, up 2.2% from the previous year.

The Net Operating Income for the full year 2014 topped the QR 1 billion level for the first time and was 8% higher than 2013. This growth was driven mainly by a 27% growth in net interest income and 39% growth in Net fee and Commission income that reached QR 749.5 million and QR 198.1 million respectively for 2014.

The revenue was generated mainly from conventional banking activities In Qatar and Al Khaliji France S.A., its wholly owned subsidiary headquartered in Paris (France) with its four branches in four different emirates in the UAE.

Balance Sheet highlights

Total assets increased 24% by the end of 2014 and reached QR 51.2 billion compared to QR 41.3 billion by the end of 2013.

Al khaliji France S.A.'s represented 10 percent of the group's total assets.

Loans and advances by end of 2014 grew to QR 26.9 billion, 30% higher than the previous year while Deposits grew 38% and were at QR 27.4 billion in 2014 compared to QR 19.9 billion by the end of 2013.

Loans to deposits ratio was at 99% by end 2014.

Investment securities grew by 20% in 2014 to reach QR 16.6 billion versus QR 13.9 billion in 2013.

Cash Dividend

After reviewing the audited financials today, the Board was satisfied with the 2014 financial performance and has recommended to the Annual General Assembly the distribution of a cash dividend of 10 % of the nominal share value, i.e. QR 1 per share.

Earnings per share and capitalization

Earnings per share were at QR 1.56 for the full year 2014, 2% higher than 2013.

The bank's capital adequacy ratio was 15.3% as per Basel III.

His Excellency Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing      Director concluded:

"We are pleased with al khaliji's 2014 results. It reflects the progress made since the launching of our 3 year strategy. We continue to be well positioned to benefit from the economic expansion in Qatar that will remain robust along with the Gulf region and we look forward to a very successful 2015. I know that we have the resources and experience for our bank and our clients to succeed. While our focus is on maintaining the growth momentum, we remain committed towards ensuring ongoing value for our shareholders, investors and all stakeholders.

We extend our deepest gratitude to the Government of Qatar and the Qatar Central Bank for their ongoing support and efficient role in guiding and helping the Qatari financial institutions and local businesses  in their progress toward success".

                                                                      

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For further information on al khaliji, please visit www.alkhaliji.com
Investor Relations:
Joe Maalouf
Head of Investor Relations
Or: investor-relations@alkhaliji.com

© Press Release 2015