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Tribune news network
Doha
Al Khalij Commercial Bank (al khaliji) has reported a net profit of QR427 million for 2016.
The board of directors' at their meeting on Wednesday, recommended a cash dividend of 7.5 percent of the nominal share value (i.e QR0.75 per share).
The bank's total assets rose by 7 percent to reach QR60.6 billion, loans and advances grew by 5 percent to reach QR35.2 billion, and deposits reached QR32.2 billion, up 4 percent from the previous year, the bank said in a statement.
The bank's earnings per share (EPS) for 2016 stood at QR1.07.
al khaliji Chairman and Managing Director, Sheikh Hamad bin Faisal bin Thani al Thani, said,"Our year-end results fall within our expectations for the year 2016, due to numerous regional financial conditions. We are in a fortunate position given Qatar's overall financial strength and ability to rise above the various challenges experienced by the global markets this year.
"al khaliji in particular remains focused on its customer centric approach and strategy to deliver a strong balance sheet and consistently meet the expectations of the shareholders.
"This year witnessed multiple results that demonstrate our resilience and ability to manoeuvre through unstable market conditions. Going forward, I am confident of al khaliji's ability to remain at the forefront and to continue on its trajectory of stability, success and positive outcomes."
Commenting on the year-end financial performance, Fahad al Khalifa, al khaliji's group CEO, said,"al khaliji remains positive in its outlook for 2017 and looks to continue enhancing and growing its market share locally and grow with our local clients abroad.
"Despite the current market conditions, we have remained strong and many of our numbers indicate progression and resilience. We remain on course to achieve stronger results moving forward by remaining committed to our strategic objectives for the group."
He said the year end net profit of was affected by the bank's conservative approach and provisions coming from overseas operations.
"We are committed to delivering value to our stakeholders and are positioned to continue to do so given our sound strategies and solid understanding of market variables. The volatility experienced in 2016 has only strengthened our determination to remain focused in our approach going forward," Khalifa said.
The net operating income for 2016 reached QR1.2 billion and was 1 percent higher than 2015. This growth was driven mainly by a 22 percent growth in interest income that stood at QR1.8 billion by the end of 2016 and QR198 million in net fee and commission income for the same period, the bank said.
The revenue was generated from conventional banking activities in Qatar and Al Khaliji France S.A., its wholly owned subsidiary headquartered in Paris with its four branches in four different emirates in the UAE.
