al khaliji reported net profit of QAR 109 million for Q1. Loans and advances grew by 11 per cent during the quarter, to reach QAR 22.9 billion, and net interest income increased by 12 per cent. The bank said, “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 favour 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 remains amongst our primary objectives. In conjunction with the introduction of our new IT system we will continue to streamline our processes and procedures, aiming to deliver a leaner organisation and lasting long-term operational cost savings. We are pleased that our capital strength supports our plans for continued balance sheet initiatives focused on quality earnings.” said Rob McCall, Group Chief Executive Officer, al khaliji.