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Al-Khaliji profits down 99% in Q4

Al-Khaliji profits down 99% in Q4
Profits totalled SAR 426.6 million in 2016 - (Photo Credit: Press Release)
Al Khaliji
KCBK
0.95% 2.24 0.02

Mubasher: Al Khaliji Commercial Bank posted a 99% year-on-year decline in profits in the fourth quarter of 2016, according to a bourse filing.

Profits totalled QAR 1.5 million ($411,630) in Q4-16 compared to a net profit of QAR 158.7 million ($43.55 million) in the same quarter the year before, according to the company’s statement to the Qatar Stock Exchange (QSE) on Wednesday.

As for the annual results, the bank's profits decreased by 31.8% to QAR 426.6 million in 2016 from QAR 625.5 million in 2015.

The Earnings per Share (EPS) amounted to QAR 1.07 for the period ended 31 December 2016, compared to EPS of QAR 1.74 for the same period in the previous year.

The bank’s board of directors also recommended the distribution of cash dividends at 7.5% of capital.