Al Khalij Bank Announces Net Profit of QR427 Million for 2016

Doha, January 18 (QNA) - Al Khalij Commercial Bank announced today that its net profit for 2016 reached QR 427 million. In a press release issued today, the Board expressed their satisfaction with the 2016 financial performance and has recommended to the Annual General Assembly the distribution of a cash dividend of 7.5% of the nominal share value, or QR0.75 per share. Chairman and Managing Director of the bank HE Sheikh Hamad Bin Faisal Bin Thani Al Thani commented on the results and said that "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 Qatars overall financial strength and ability to rise above the various challenges experienced by the global markets this year." Earnings per Share for the year were QR1.07. Total Assets increased 7% by the end of 2016 and reached QR 60.6 billion compared to QAR 56.6 billion by the end of 2015. Al khalij France S.A.s represented 9% of the Groups Total Assets. Loans and Advances by end of 2016 grew to QR 35.2 billion, 5% higher than the previous year while Deposits grew 4% and were at QR 32.2 billion in 2016 compared to QAR 31 billion by the end of 2015. Loans to deposits ratio was at 109% by end 2016. Investment securities stood at QR 15.6 billion by the end of 2016. The Group's CEO said that " Al Khalij remains positive in its outlook for 2017 and looks to continue enhancing & growing its market share locally and grow with our local clients abroad." (QNA)