al khaliji Q3 net profit up 3% to $154mln

Al Khalij Commercial Bank (al khaliji) has reported a net profit of QR561 million ($154 million) for the third quarter of 2021, reflecting an increase in operating income by growing assets and effectively managing margins.

Highlights of Q3 results:

Net profit of QR561 million, an increase of +3% year on year

Net Operating Income grew 4% year on year, ending at QR1,093 million

Operating expenses of QR238 million, resulted in a cost/income ratio of 21.8%

Loans and Deposits increased by 11% and 7% year on year respectively

Total Assets closed at QR58.5 billion, increasing 6% year on year

The Capital Adequacy ratio stood at a healthy 20.3%

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. We are announcing these results shortly after our Extra Ordinary General Meeting held on October 6, where shareholders approved our merger with Masraf Al Rayan. Our positive set of results and healthy capital well position us to create a larger merged bank that will continue to deliver value for all stakeholders.

Al Khalifa, al khalijis Group Chief Executive Officer said: We are pleased to report a 3%+ improvement in net profit year on year, which has come about by growing operating income as well as expanding our balance sheet. These results embody our focus on the market, selectively growing our balance sheet while steadily progressing in our merger with Masraf Al Rayan.

Our shareholders approved the transaction, which enables us now to complete remaining requirements and obtain final regulatory approvals to complete the merger. Throughout this process, our teams have continued to energetically service our clients, and create value for our shareholders. Our consistent set of positive results so far is a reflection of their efforts. Our collective ambition remains to deliver a best in class merged Islamic bank to our customers. TradeArabia News Service