Al Khalij Commercial Bank (al khaliji), in Qatar, has announced its financial results for Q1, 2016, reporting a net profit of QR156.2 million.

This represents an increase of 8 percent over its financial results for the same period last year.

Sheikh Hamad bin Faisal bin Thani Al-Thani, chairman and MD, stated: "Al khaliji’s good profit reflects the momentum gained in our new medium-term strategy 2016-2018. This, combined with the measures approved recently at our EGA, to build adequate capital for future business growth, will enable Al khaliji to continue to create additional value for shareholders and to enhance its position in Qatar and the region.”

Al khaliji’s Group CEO Fahad Al-Khalifa said: “Our performance in Q1 demonstrates the strength and resilience of our business. The bank’s revenue displays strong growth with good activity across both our corporate and premium/private banking businesses."

Al-Khalifa added: "Prudent cost management has enabled us to maintain costs flat relative to last year and achieve a cost:income ratio of 32.2 percent. The bank successfully raised QR1 billion through capital instruments and started issuing commercial paper to sustain good growth, diversify sources of funding and strengthen its capital position. Al khaliji’s capital adequacy ratio stood at 16 percent at the end of March 2016. We will continue to maintain, reinforce and broaden our client relationships with a view to generating sustainable returns over the long term.”