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Finance

Qatari Al Khaliji Bank profits rose by 5.7% in 2020

The Qatari Al Khaliji Bank achieved gains of QR683 million, recording an increase of 5.7% year-on-year, in 2020.
The Qatari Al Khaliji Bank recorded an increase of 5.7% year-on-year, in 2020.

The Qatari Al Khaliji Bank achieved gains of QR683 million, recording an increase of 5.7% year-on-year, in 2020, with a return of 0.17 riyals per share.

Al Khaliji attributed this growth to the increase in net operating income by 22% to QR1.43 billion.

The net interest income was about QR1.3 billion of net operating income.

According to bank data, loan and advances provisions in 2020 increased by 86%, amounting to QR360 million riyals, compared to QR193 million in 2019.

Dividends 

The bank’s board of directors recommended the general assembly to distribute cash dividends of 5.6% of the nominal value by 0.056 riyals. This is a total of QR202 million, a 25% decline compared to 2019.

Al Khaliji profits reached QR139.5 million in the last quarter of 2020. This is a decrease of 6.4% compared to the fourth quarter of 2019.

Last October, QGB’s net profits increased by 9% year-on-year, during the third quarter of 2020.

Al Khaliji said it recorded a net profit of QR543.5 million in the financial period ending on September 30. The bank recorded QR497.3 million in the same period of 2019.

Earnings per share in the third quarter of 2020 was 0.15 Qatari riyals. This is compared to 0.14 Qatari riyals per share For the same period in 2019.

The profits of Al Khaliji in the second quarter of 2020 increased by 4.78% year on year.

Fitch and Moody’s affirmed Al Khaliji at “A” with a stable outlook.

The bank’s deposits are rated at (A3/Prime-2) with a stable outlook, respectively.

According to Fitch, entities and institutions that fall into the “A” category are characterized by high asset quality and high levels of profitability.

Related:

Qatar Islamic Bank Profits Grow In 2020 Despite COVID

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