Al Khaliji Reports a 4% Growth in Net Profit for Q1 2019

Doha, April 29 (QNA) - Al Khalij Commercial Bank (al khaliji) released its consolidated financial statements for the quarter ended 31 March 2019 today with a Net Profit of QAR 176 million for the quarter. This represents an increase of 4% over its financial results for the same period of last year. HE Chairman and Managing Director Sheikh Hamad Bin Faisal Bin Thani Al-Thani stated: "We began the year on a solid footing, reporting improved profitability in the first quarter of the year. In line with our strategic focus on the domestic market, we aim to support our clients in participating in these projects, and the growth of Qatar during 2019." Commenting on the quarter's performance, al khaliji's Group Chief Executive Officer Fahad Al Khalifa said: "al khaliji had a strong start to 2019, with profits increasing by 27% on the prior quarter and 4% year on year. The outcome is owing to better optimization of our balance sheet to deliver sustainable earnings at higher margins. "Because of these efforts, I am pleased to report that while the average balance sheet marginally shrank compared to the last quarter, Operating Income increased by 13% in the quarter while NII and Fee Income grew by 6% and 37% respectively. Alongside optimizing revenues, we have continued to keep a close watch on our expenses, which are down 5% on Q1 2018 resulting in an efficiency ratio of 26.8%." (QNA)