(MENAFN- Qatar News Agency) Al khalij Commercial Bank (al khaliji) in Qatar, released its consolidated financial statements for the year ended 31 December 2015 today with a Net profit of QAR 625.5 million for 2015, up from QAR 562.9 million in 2014.
The consolidated financial statements for the year ending 31 December 2015 were approved by the Board of Directors of al khaliji during its meeting held in Doha on 20 January 2016. The figures are subject to Qatar Central Bank's approval and AGA endorsement.
Al khaliji Bank Chairman and Managing Director Sheikh Hamad Bin Faisal Bin Thani Al Thani stated, "I am very pleased to report our robust financial results for 2015. These results are an indication of a successful implementation of a sound strategy. al khaliji's progression is a reflection of Qatar's financial prominence and ability to overcome challenges".
Commenting on the strong financial performance, Fahad Al Khalifa, al khaliji's Group Chief Executive Officer said "al khaliji has produced another record result for the year 2015 with profit of QAR 625.5 million, an increase of 11% on 2014. The bank grew profit based on improved margins, market share gains in our chosen segments and strong cost discipline. Our efficiency ratio, at 34%, is now more aligned with our peer group. We continue to see growth in our core franchise locally and in our overseas subsidiaries in France and the UAE. Loans and Advances reached QAR 33.4 billion and Deposits QAR 30.9 billion at year end, an increase of 24% and 13% respectively. The bank is well capitalized and will maintain strong levels to support future growth plans; against this background the Board has approved issuing alternative Tier 1 Capital".
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