Mubasher: Al Khalij Commercial Bank on Sunday announced a 43.4% year-on-year growth in profits for the fourth quarter of 2018.

During the last three months of 2018, the Qatari lender posted profits of QAR 139 million ($38.19 million), against QAR 96.69 million ($26.56 million) in Q4-17, according to the bank’s statement to the Qatar Stock Exchange (QSE).

For the full-year 2018, Al Khalij Commercial Bank’s profits rose 10.51% to QAR 608.40 million, compared to QAR 550.52 million in 2017.

The Qatari bank’s board recommended the distribution of a cash dividend of 7.5% of the nominal share value, or QAR 0.75 per share.

“We have divested non-core overseas assets, therefore although the total average asset base of the bank reduced our operating income as a percentage of total average assets increased,” Al Khalij Commercial Bank’s group chief executive officer said.

One of the bank’s “key priorities was active remedial management of weaker credits and the introduction of IFRS9,” Fahad Al Khalifa noted, adding that “these efforts have resulted in a 40% reduction in impairment charges taken compared to 2017.”

The total value of assets tumbled to QAR 52.10 billion by the end of 2018, down from QAR 57.88 billion in the prior year.

Meanwhile, Al Khaliji’s net operating income reached QAR 1.14 billion in 2018, compared to QAR 1.21 billion in the year-ago period.

Earnings per share (EPS) of the Qatari lender rose to QAR 1.54 in 2018, versus in QAR 1.38 in 2017.

During the first nine months of 2018, Al Khaliji’s net profits grew 3.5% to QAR 469.4 million, compared to QAR 453.6 million in the corresponding period in 2017.

Al Khaliji’s stock rose 1.10% to close at QAR 12 on Sunday.