Al Khaliji, which is in the process of being merged with Masraf Al Rayan, has reported a 3% year-on-year increase in net profit to QR372mn in the first six months of this year.

"These results demonstrate our continued focus and commitment to serving our customers and creating value for our shareholders," said Sheikh Hamad bin Faisal bin Thani al-Thani, Al Khaliji chairman and managing director.
The bank's net operating income shot up 13% year-on-year to QR750mn in the review period.
Operating expenses were brought down by 3% to QR168.5mn, which resulted in its efficiency to improve as cost-to-income ratio shrank to 22.5% in the first half of this year compared to 26.2% in corresponding period of 2020.
"As the economy returns to normalcy and major economic sectors open up for business, we have still maintained a cautious approach to provisioning, further strengthening our coverage. With a strong capital base, good liquidity, provision coverage and efficient control of costs, we are well positioned to achieve our objectives for the year," according to Fahad al-Khalifa, Al Khaliji’s group chief executive.
The bank's total assets grew 6% year-on-year to QR57.3bn with net loans and advances soaring 12% to QR35.95bn at the end of June 30, 2021.
Deposits were seen growing 9% year-on-year to QR31.72bn in January-2021.
Total equity of the lender shot up 10% year-on-year to QR7.7bn at the end of six months ended June 30, 2021.
The bank's non-performing loans declined to 1.67% at the end of June compared to 1.83% in the previous-year period. The non-performing loan coverage ratio stood at 151% at the end of H1, 2021 against 139% a year-ago period.
The lender's capital adequacy ratio stood at 20.3% in H1 2021, improving from 18.7% in January-June 2020; indicating the robustness of its capital base.
On the proposed merger, al-Khalifa said an integration management office has been set-up, where teams from both banks with the support of a reputed international consultant have made "significant" progress in planning for the implementation of it.