(MENAFN- Gulf Times) * Al Khaliji Q1 net profit rises 5% to QR185mn
Al Khaliji has reported 5% year-on-year increase in net profit to QR185mn in the first three months of this year.
Revenues shot up 20.4% to QR379mn, said a spokesman of the bank, which is now in the process of merger with Masraf Al Rayan.
"These results demonstrate the continued focus of our team in navigating through a period of economic uncertainty with the continuing unpredictability of the Covid-19 virus," said Sheikh Hamad bin Faisal bin Thani al-Thani, Al Khaliji chairman and managing director.
Although the expenses shot up 9.6% to QR90mn, the lender was able to hold the cost-to-income ratio at 23.8% in January-March 2021 compared to 26.1% the previous year period.
The first quarter "ended for us with an expanded balance sheet and strong growth in operating income. We tightly controlled operating expenses, which including one-off items lead to an efficiency ratio of 23.8%," said Fahad al-Khalifa, Al Khaliji's group chief executive.
He said the bank's balance sheet remains strong with a strong capital base, good liquidity and provision coverage and the focus in the coming months is to continue the positive momentum.
Total assets were up 5% to QR58.89bn with net loans and advances growing 11% to QR35.18bn at the end of March 31, 2021. Its deposits were up 10% year-on-year to QR31.76bn in the review period.
The lender's non-performing loans (NPL) ratio stood at 1.68% in January-March 2021 compared to 1.84% in the comparable period of 2020.
The NPL coverage ratio improved to 113% at the end of March 31, 2021 against 139% a year-ago period.
The bank's capital adequacy ratio was 19.5%, which is above the mandated levels of the Qatar Central Bank.
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