Qatar-based Al Khalij Commercial Bank reported a H2-21 net profit of 372 million riyals ($102 million), an increase of 3 percent over the same period of last year.

Revenue came in 13 percent higher at 750 million riyals, while expenses fell 3 percent to 168 million riyals, resulting in a cost/income ratio of 22.5 percent, the bank said a statement Thursday to the Qatar Stock Exchange where it is listed.

The bank, which is in the process of merging with Masraf Al Rayan, said total assets rose 6 percent in H2-21 to 57.3 billion riyals, while capital adequacy ratio improved to 20.3 percent from 18.7 percent in the year-ago period.

Loans and deposits increased by 12 percent and 9 percent year on year respectively.

Fahad Al Khalifa, Al Khalij Group CEO said: “As the economy returns to normalcy and major economic sectors open up for business, we have still maintained a cautious approach to provisioning, further strengthening our coverage. With a strong capital base, good liquidity, provision coverage and efficient control of costs, we are well positioned to achieve our objectives for the year.”

The lender’s net impairment charges jumped 64 percent to 201 million riyals in the six-month period this year.   

(Writing by Brinda Darasha; editing by Daniel Luiz)

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