Mubasher: Al Khalij Commercial Bank (Al khaliji) on Wednesday announced that profits surged to QAR 96.9 million ($26.6 million) in in the fourth quarter of 2017 from QAR 1.5 million in the corresponding period a year earlier.

In 2017, the Qatar-based lender made net profits of QAR 550.5 million, compared to QAR 426.9 million for the same period the year before, according to the bank’s statement to the Qatar Stock Exchange (QSE).

During the first three quarters of 2017, Al Khalij’s profits reached QAR 453.6 million, versus QAR 425.1 in the same period in 2016.

Moreover, the bank’s net operating income levelled up 5% year-on-year to QAR 1.22 billion in 2017, buoyed by a 8% hike in the net interest income.

“Our Liquidity Coverage Ratio (LCR) remains well above the minimum levels required by the Qatar Central Bank. Our Balance Sheet remains strong and liquid with 26% of Total Assets comprising cash and high quality investment securities,” Al Khalij's CEO Fahad Al Khalifa said.

He added that the lender’s capital adequacy ratio remains robust at 16.7%.

Al Khalij’s board of directors also recommended the distribution of a cash dividend of 7.5% of the bank’s capital for the period ended in 31 December 2017, the statement showed.