Doha – Mubasher: Al Khalij Commercial Bank’s (Al khaliji) profits for the third quarter of fiscal 2016 declined by 36.3% to QAR 104.8 million ($28.75 million), versus QAR 164.39 million ($45.10 million) for Q3-15.

In the first nine months of the year, net profit fell 8.9% to QAR 425.1 million from QAR 466.8 million for the same period of 2015, according to a statement released on Wednesday.

Fahad Al Khalifa, al khaliji’s Group Chief Executive Officer said: “Our overall key financial indicators remain strong. The bank’s loan portfolio increased by almost 15% compared to the same period last year. Our total asset base grew by 6% to reach QAR 58.5 billion. Our net profit for the third quarter was impacted by our conservative approach in taking provisions which resulted in a final net profit of QAR 425 million”.

“Due to our prudent cost management, our cost to income ratio declined to 31% from 35% from same period last year. We will continue to improve our operational efficiency across all functions of the business, focusing on retaining client relationships, attracting new business in order to strengthen our position in Qatar and the region and generate value for our shareholders,” he added.

The bank earlier posted a net profit of QAR 320.3 million for the first half of 2016, 5.91% up from QAR 302.41 million for H1-15.