Al Khaliji Announces H1 2016 Financial Results

Doha, July 20 (QNA) - Al Khalij Commercial Bank (Al khaliji) has announced its financial results for the first six months of 2016, reporting a Net Profit of QAR 320.3 million. This represents an increase of 6% over its financial results for the same period of last year. The Bank's Chairman and Managing Director HE Sheikh Hamad bin Faisal bin Thani Al Thani, stated: "The H1 results reflect our determination to continue achieving growth. During this period, we have successfully completed the issuance of the first tranche of Tier 1 Capital instruments. We have also seen Al khaliji recognition globally increasing whereas the bank has remarkably succeeded to tap international markets to diversify its funding source. We will continue implementing our new mid-term strategy 2016-2018 which focuses on delivering excellence in services, respond to business needs of both private and public sectors, and promote branding of Al khaliji to the best interest of our esteemed shareholders and other stakeholders." Commenting on the first half 2016 performance, Al khalijis Group Chief Executive Officer Fahad Al Khalifa, said: "Despite markets conditions, al khaliji is achieving growth in various banking activities, where the first half net profit recorded 320 million riyals. This is an evidence of our solid position and our determination to stress on growth. The bank has succeeded in the first half in positioning its strategy by diversifying source of funding through mid-long term private placements and commercial papers from international markets, and raising adequate capital for the growth of the business. The capital adequacy ratio of the bank was at a comfortable level of 15.8% at the end of June 2016." "We continue in our prudent cost management which reflected a significant improvement in cost to income ratio, which stood at 32.0% as at June 2016, compared to 35.6% in the same period of the previous year," he added. (QNA)