AL Khaliji (KCBK), the next generation bank in Qatar, achieved net profit of QR290.5 million for H1 2013, 11 percent higher than the same period in 2012. Its net profit jumped 14 percent to QR159.0 million in Q2 2013 against the same period last year. Total assets reached QR32.6 billion, 17 percent higher than in June 2012, the bank said in a statement Tuesday. Loans and advances grew by 14 percent during H1 2013 and 30 percent comparing with H1 2012 to reach QR14.9 billion Customer deposits stood at 18.6 billion, 46 percent higher than H1 2012 and 7 percent increase in the first six month of 2013. Net fee and commission income at QR81.8 million for H1 2013, up 88 percent comparing with same period in 2012 Commenting on the strong financial performance, Rob McCall, Group Chief Executive Officer of Al Khaliji, said: “These results confirm the effectiveness in implementing our strategy for 2013 and beyond. We continue to build momentum to meet our set targets for 2013. This success is attributable to our diverse and prudent growth approach in ensuring that our customers' expectations and requirements are not only met but exceeded.” Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing Director of Al Khaliji, said “Al Khaliji recorded a robust profit due to the added momentum of our refined medium term strategy. Linked to this our high liquidity and capital position together with our prudent risk management practices, has laid a solid foundation for future growth. Qatar continues to be a very attractive market for local, regional and international investors; and we remain well positioned, with our understanding of the Qatar banking sector, to capture future growth.” McCall added: “Al Khaliji has been consistent in delivering sustained and successful growth. This has been possible by recognizing our most valuable assets, our employees. We will continue to develop, recognize and reward their committed efforts.” — SG
