Volkswagen on Friday announced a net profit of 5.1 billion euros ($5.4 billion) for 2016, roaring back into the black after the dieselgate emissions cheating scandal pushed the German giant to its first loss in two decades in 2015.

Europe's largest carmaker reported record revenues of 217.3 billion euros as car sales hit an all-time high, with further growth expected in 2017.

"Despite the crisis, the group delivered a record performance," chief executive Matthias Mueller said in a statement.