Sheikh Hamad and McCall: Well-positioned for the future. Al khaliji, the new-generation Qatari lender, has reported an 8% year-on-year growth in net profit to QR551mn in 2013 on robust expansion in interest earnings and fee-based income. The lender, whose French subsidiary also contributed QR68mn in profit, has declared a 10% cash dividend, which will have to be approved by shareholders at a general assembly meeting as well as by Qatar Central Bank . Net interest income grew 16% to QR590mn and net fee and commission income by 95% to QR143mn. Although the contribution from investments fell 54% to QR 214mn, the bank spokesman said this effective rebalancing of income streams was achieved, while maintaining steady levels of operating income of QR942mn in 2013 but was down 3% over the previous year. A total of 80% of revenues was generated from domestic operations and the balance from its international business. Loans and advances surged 59% to QR20.7bn, which drove total assets to gain 23% to QR 41.3bn, the highest ever achieved by the group. Deposit base expanded 15% to QR19.92bn. The bank's loan-to-deposit base stood at 105% in 2013 against 77% in the previous year. "Growth has been solid across all core business areas in our identified market segments. We have increased our geographic reach to new touch points in North Africa and witnessed impressive returns from non-funded trade-flow related business," al khaliji Group CEO Robin McCall said. As 2013 was the initial year in its three-year road map, it was important for the bank to prioritise and deliver on certain objectives to ensure that al khaliji is "well positioned" to continue to build scale in the clearly defined market segments, he said. Highlighting that in late October, the bank had issued its successful debut bond of $500mn under its newly established $750mm Euro Medium Term Note Programme, the spokesman said "this was an important milestone in the maturity curve of al khaliji." The capital adequacy ratio was at 18.4% including Tier 1 capital of 16.7% compared to 21.4% and 19.4% respectively a year ago."Our strong capital base, deliberate customer focus, and specific business model positions us well for the future," al khaliji chairman and managing director Sheikh Hamad bin Faisal bin Thani al-Thani said. Earnings-per-share were at QR1.53 by the end of 2013, which was 8% higher than that in the previous year.
Most Popular Stories
- Can GOP Dodge Immigration Bullet?
- Ukraine Crisis Limits Losses in Gold, Silver
- Software Writers Sought in Indiana
- Photo ID Required for Unemployment Benefits
- Chiquita, Fyffes to Form Top Banana
- Tech Firms to Increase Hiring for 4th Year in a Row
- Job Fair for S.C. Grads
- Big Earthquake Rumbles Northern California
- China's Money Rate Drops on Slowdown Concern
- '300' Sequel Conquers Box Office Foes