Mubasher: Al Khalij Commercial Bank has reported a net profit of QAR 454 million for the nine-month period that ended 30 September, according to a bourse filing.

The bank said in statement to the Qatar Stock Exchange (QSE) that profits were driven by strong growth of 7% in operating income, effective cost management leading to lower operating expenses and continued prudent provisioning on the credit and investment portfolios.

The bank’s net operating income went up 7% to QAR 932 million, while earnings per share increased 7% compared to the same period last year to QAR 1.26.

Meanwhile, the bank’s assets totalled QAR 57.9 billion, with net loans and advances rising 2% to QAR 35.95 billion, while deposits rose 8% to QAR 32.2 billion.

Net Interest Income (NII) grow by 12% year-on-year to QAR 751 million, which the bank attributed to its focus on margins.

Impairment charges registered QAR 220 million during the same period.

“Our liquidity position remains strong with 28% of our balance sheet comprising of cash and investment securities and our Liquidity Coverage Ratio (LCR) significantly higher than minimum regulatory requirements,” the statement noted.