Al khaliji Awarded Strong A- Credit Rating by Fitch

Doha, February 14 (QNA) - Fitch Ratings have published their initial ratings on Al Khalij Commercial Bank (al khaliji) Q.S.C and have assigned a Long Term Issuer Default Rating of A-, the bank said in a statement. Fitch defines those entities with an "A" range rating as exhibiting, "High credit quality" and " low default risk". This follows the release last week of the full year results for 2011 by al khaliji reflecting the continued broadening of its franchise coupled with consistent growth, with a 44% increase in total assets including a 56% increase in loans and advances. Profitability at both the operating level and net profit level showed robust growth on 2010 with Net Profit after Tax rising to QR487 million. Robin McCall, al khaliji Group CEO, commented:"The award of these strong credit ratings from a respected name such as Fitch in these challenging economic times is pleasing. The ratings we received are a confirmation of al khaliji s team commitment to executing the strong medium term strategy and business model, coupled with specifically focusing on Qatar and selectively on the GCC, while working closely with our chosen clients and delivering innovative solutions through flawless execution." McCall further added, "The positive economic climate here in Qatar provides us an opportunity to grow, build a diversified portfolio of quality assets whilst continuing to increase our market share. al khaliji has solid foundations and is well positioned to continue to work in partnership with our chosen clients in Qatar, whilst positively contributing to Qatar s economic growth in support of the Nation s 2030 vision" The assigned rating is an independent and objective opinion on the bank s risk profile, risk management culture, which permeates across the al khaliji Group, and the high levels of liquidity and capitalization.(QNA)