Al Khalij Commercial Bank in Qatar has posted a net profit of QR177 million ($48.2 million) for the first quarter of the year, in line with the same period in 2019.

 

Net operating income reached QR 315 million, up 9 per cent compared to Q1 2019. Operating expenses hit QR 82 million ($22.3 million), resulting in a cost/income ratio of 26 per cent. Loans and Deposits increased by 2.6 per cent and 6.8 per cent year-on-year.

 

Sheikh Hamad Bin Faisal Bin Thani Al Thani, chairman and managing director, stated: “Al khaliji’s results for the first quarter of 2020 embody the resilience of our business. We announce these results as we face the Covid-19 pandemic, one of the most important challenges of our lifetimes. Our bank has taken the necessary steps to continue serving our customers with minimum disruption, in a safe and secure environment. The health and well-being of our employees, clients, investors and community remains a high priority, and the bank will ensure continuity of services keeping this priority at the forefront. We hope the severity of this pandemic reduces soon and life returns to normality”

 

 Commenting on the quarter’s performance, Fahad Al Khalifa, al khaliji’s Group chief executive officer said: “We ended the first quarter of 2020 expanding Balance Sheet and growing operating income. At the same time, we remain prudent and took necessary risk management steps, which included enhancing our provisions, and keeping close control over operating costs, enabling us to deliver a net profit of QR177 million."

 

"With a strong capital base, good liquidity, provision coverage and efficient control of costs, we are well placed to face the current challenges posed by the Coronavirus pandemic."

 

"This pandemic affects us all. Our primary goal is to safeguard our employees and their families. Coupled with that, our other goal is to maintain continuity of service to our customers with minimal disruption, and the bank has taken effective steps to deliver on this." he said.

 

"In addition, in accordance with the directives of HH the Amir Sheikh Tamim bin Hamad Al –Thani and guidelines issued by the Qatar Central Bank, we are working with our customers in effected sectors to see how best to accommodate their situation," he added.

 

"In the present economic environment, we continue to maintain focus, monitoring each of our business lines, and remain in close contact with our customer to ensure we take appropriate responses in time to protect the interests of all stakeholders," he said. - TradeArabia News Service