Al Khalij Commercial Bank sees $117.3 million in profits

Qatar's Al Khalij Commercial Bank recently announced that its net profit for 2016 reached $117.3 million, falling in line with expectations, according to Sheikh Hamad Bin Faisal Bin Thani Al Thani, chairman and managing director of the bank.

“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,” he said.

The bank’s board has recommended a distribution of a cash dividend of 7.5 percent of the nominal share value. The bank reported a 7 percent rise in total assets by the end of 2016, reaching $16.6 billion, compared with $15.5 billion at the end of 2015.

"Al Khalij 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,” Al Thani said.