Qatar-based Al Khalij Commercial Bank (al khaliji) said its net operating income for 2016 soared to QR1.2 billion ($329 million), up one per cent over the previous year despite various global economic challenges.

Announcing the results, the Qatari bank said its net profit hit QR427 million ($117 million) in 2016, while its total assets rose seven per cent to QR60.6 billion ($16.6 billion).

On the performance, chairman and managing director Sheikh Hamad Bin Faisal Bin Thani Al Thani said: "Our year-end results fall within our expectations for 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 maneuver 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," stated Sheikh Hamad.          

Fahad Al Khalifa, the Group chief executive pointed out that the Qatari lender remained positive in its outlook for 2017 and looked forward to continue enhancing and growing its market share locally and grow with its 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 added.

After reviewing the audited financials, the al khaliji board said it was satisfied with the 2016 financial performance and recommended to the annual general assembly the distribution of a cash dividend of 7.5 per cent of the nominal share value, ie QR0.75 per share.-TradeArabia News Service