Al khaliji (KCBK), in Qatar, released its consolidated financial statements for the year ended 31 December 2014 today with a Net profit of QR 562.9 million for 2014, up from QR 550.9 in 2013.
The consolidated financial statements for the year ending 31 December 2014 were approved by the Board of Directors of al khaliji during its meeting held in Doha on 25 January 2015.
The figures are subject to Qatar Central Bank’s approval and AGA endorsement.
Fahad Al Khalifa, al khaliji Group Chief Executive Officer said in a statement that, “the financial results for 2014 reflect a solid performance for the bank. We continue to drive our profitability from our Wholesale operations and our award winning Premium and Private Banking offering. Profits for the year exhibit a strong growth in our banking franchise, combined with a prudent approach to risk, and effective management of costs. Contribution from our overseas operations, which includes our new subsidiary Qatar Capital Limited based in the DIFC, now account for 24% of total revenues. We look forward with confidence to 2015 and aim to further increase shareholder value through the successful execution of our strategy”.
Income Statement highlights: Al khaliji reported a Net Profit of QR 562.9 million, up 2.2% from the previous year.
The Net Operating Income for the full year 2014 topped the QR 1 billion level for the first time and was 8% higher than 2013. This growth was driven mainly by a 27% growth in net interest income and 39% growth in Net fee and Commission income that reached QR 749.5 million and QR 198.1 million respectively for 2014.
The revenue was generated mainly from conventional banking activities In Qatar and Al Khaliji France S.A., its wholly owned subsidiary headquartered in Paris (France) with its four branches in four different emirates in the UAE. Balance Sheet highlights: Total assets increased 24% by the end of 2014 and reached QR 51.2 billion compared to QR 41.3 billion by the end of 2013. Al khaliji France S.A.’s represented 10 percent of the group’s total assets.
Source : Qatar News Agency
