(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.
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.