Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Al Khaliji posts QR109m net profit  Join our daily free Newsletter

MENAFN - Arab News - 30/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Al khaliji (kcbk) reported a net profit of qr109 million for the first quarter ended march 31. loans and advances grew by 11 percent during the quarter to reach qr22.9 billion and net interest income increased by 12 percent. the acceleration in sustainable recurring revenues is in line with the bank's strategy to progressively rely less on investment gains for future growth in favor of increased proceeds from a growing banking franchise.

"al khaliji is starting the year with a solid financial performance supported by a growing banking franchise. following the group's strong performance in 2013 it was expected that investment returns would be more muted this year given the developments in quantitative easing and us treasury rates. protecting the net margin by adopting a prudent hedging strategy for our fixed income revenue streams and growing our franchise with quality assets remain among our primary objectives" said rob mccall group ceo al khaliji.

al khaliji france sa's net profit reached qr16.3 million up 5 percent compared to q1 2013 and represents 15 percent of the group's net income.

net profit for the first quarter of this year is qr109.2 million compared to qr131.5 million for the same period in 2013.

net interest income increased by 12 percent to qr165.9 million over the prior quarter. net fee and commission income of qr37.8 million grew by 11 percent on q4 2013; however it is qr9.4 million lower year-on-year owing to non-recurring revenues. this reduction flows through on a first quarter comparative basis to net operating income which is qr213.8 million.

income from the banking franchise now accounts for 92 percent of profits compared to 81 percent last year reflecting a growing book with less reliance on investment income which made up 19 percent in q1 2013.


 


Arab News




  MENA News Headlines
 Dec 24 2014 - Saudi issues 'final warning' on high-speed rail projectAFP
(MENAFN - AFP) Saudi Arabia has given a "final warning" to avoid delays on an $8.2 billion high-speed rail project which Spanish and Saudi firms are helping to build. The Haramain High Speed Rail ...

 Dec 24 2014 - Kuwait commissions new gas processing plantAFP
(MENAFN - AFP) Kuwait has commissioned a new natural gas plant that will raise the energy-rich state's production capacity to more than 2 billion cubic feet a day, officials said on Wednesday. The ...

 Dec 24 2014 - ME M&A deals value up 53 percent in 2014MENAFN
(MENAFN) According to a report by Baker & McKenzie Habib Al Mulla, the value of cross-border Merger and Acquisition (M&A) activity in the Middle East region has risen significantly in 2014 in terms ...

 Dec 24 2014 - ICT spending in ME grows to reach USD270b next yearMENAFN
(MENAFN) Spending on ICT products and services in the Middle East and Africa (MEA) will cross the USD270 billion mark in 2015 with the IT market expected to improve 9 percent annually, report by ...

 Dec 24 2014 - UAE M&A activity drops 24 percent in 2014MENAFN
(MENAFN) According to a report by Baker & McKenzie Habib Al Mulla, the total value of merger and acquisition (M&A) activity in the UAE dropped 24 percent to reach USD8.5 billion as of December 14 ...

 Dec 24 2014 - UAE's ABCO to invest USD27.2m on expansionMENAFN
(MENAFN) UAE-based Abughazaleh Group (ABCO) announced it is planning to make an investment of USD27.2 million on expanding its business by opening 30 stores in the next five years, as the result of ...

 Dec 24 2014 - Kuwait's oil exports to China up 88.8 percent in NovemberMENAFN
(MENAFN) According to the Chinese General Administration of Customs, Kuwait's crude oil exports to China registered a surge by 88.8 percent in November compared with the same month last year, thus ...

 Dec 24 2014 - Kuwait- Council requests further study of railway layoutArab Times
(MENAFN - Arab Times) KUWAIT CITY Dec 23 (KUNA): The Municipal Council returned the layout of the first stage of the GCC railway network to the Council's technical committee for further study of the ...

 Dec 24 2014 - 80 years on KOC effort has transformed KuwaitArab Times
(MENAFN - Arab Times) KUWAIT CITY Dec 22 (KUNA): Kuwait Oil Company (KOC) celebrates on Tuesday the 80th anniversary of being granted oil drilling concession right in the country under the agreement ...

 Dec 24 2014 - UAE- Special court in Pakistan barred from hearing treason caseKhaleej Times
(MENAFN - Khaleej Times) On November 21 the special court had accepted Musharrafs plea and had ordered for the inclusion of the names of the co-accused in the list of abettors. Islamabad: The ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help