Al khaliji Reports Net Profit of QR 469 Million in Q3, 2018

Doha, October 23 (QNA) - Al Khalij Commercial Bank (al khaliji) announced its financial results for the third quarter of 2018, reporting a Net Profit of QR 469 million. This improved net profit was a result of effectively managing margins, controlling costs and a reduction in impairments. HE Chairman and Managing Director Sheikh Hamad Bin Faisal Bin Thani Al-Thani stated "al khaliji has delivered consistent growth in profitability, by maintaining focus on delivering our Qatar-centric medium term strategy. These results reflect our commitment to our strategy, which is being delivered on the foundations of a strong capital base and excellent liquidity. We are proud of Qatar's progress during this year, and are well positioned to capitalize on its growth during the future." Commenting on the Q3, 2018 performance, al khaliji's Group Chief Executive Officer Fahad Al Khalifa said "We are pleased to report positive results for Q3, 2018 delivering an increase in net profit of 3.5% year on year. These results embody selective growth, continued focus on our domestic market in Qatar and at the same time managing our cost base effectively." Al Khalifa added that staying close to the clients and tailoring the business to meet their requirements remains at the heart of delivering our strategy, and he also note that this has been recognized externally in the past quarter including"Best in Customer Satisfaction" - by Qatar Development Bank and "Best Private Banking Services MENA & "Best Corporate Bank, Qatar" by European magazine. The bank continues to focus on maintaining an efficient cost base, and consistent with earlier quarters, our costs are 3.4% lower year on year. Al Khalifa also mentioned that the bank remain focused on credit quality across the Group, and continue to remain prudent in our provisioning. That said, Al Khalifa mentioned that al khaliji have reduced overall impairment charges by 28% year on year. Al khaliji's Group Chief Executive Officer added that Qatars economy continues to grow including in the non-hydrocarbon sector. Al Khalifa concluded saying we are well positioned to benefit from increased business with our clients in both our Wholesale Banking and Private Banking franchises, as our clients tap into the commercial opportunities that the economy continues to present. (QNA)