Commercial Bank Announces Net Profit of QR 1,2 Billion for First Nine Months of 2018

Doha, October 23 (QNA) - The Commercial Bank (P.S.Q.C.), its subsidiaries and associates Group announced Tuesday a net profit of QR 1 billion and 259.6 million as compared to QR 259 million for the same period in 2017, an increase of 386%. Commenting on the results, HE Chairman of the Board of Directors of Commercial Bank Sheikh Abdullah bin Ali bin Jabor Al-Thani praised the significant positive results achieved by the Bank, stressing that Commercial Bank is pleased to continue to be a part of Qatars growth story and as an innovative financial institution to support the Qatari economy. For his part, Vice Chairman of Commercial Bank Hussain Alfardan said that net operating income for the Group increased by 0.4% to reach QR 2 billion and 663 million for the nine months ended 30 September 2018, up from QR 2 billion and 654 million achieved in the same period in 2017. Meanwhile, net interest income for the Group increased by 4.0% to QR 1 billion and 908 million for the nine months ended 30 September 2018 compared to QR 1 billion and 836 million achieved in the same period in 2017, driven mainly by re-pricing of some of the loans during the period. Net interest margin is 2.3% for the nine months, an increase of 0.1% compared to the same period in 2017. The Group delivered balance sheet growth of 3.5% for the nine months ended 30 September 2018 with total assets at QR 138.7 billion, compared to QR 134.0 billion for the same period in 2017. Total asset growth was driven mainly by an increase of QR 2.2 billion in investment securities and QR 1.9 billion due from banks. Commercial Banks Group Chief Executive Officer Joseph Abraham said that the consolidated operating profit of the Bank was QR 1.77 billion, an increase of 8% whilst net profit increased 386% to QR 1.26 billion compared to the same period last year. He noted that the Domestic Bank reported an increase of 7% in net interest income to QR 1.67 billion, supported by 4% growth in loans and advances compared to the same period last year and customer deposits increased by 3% at QR 66 billion. Commercial Bank enjoys strong credit ratings of (A3) from Moodys, (A) from Fitch, and (BBB+) from Standard & Poors. The Bank is listed on the Qatar Exchange and was the first Qatari bank to list its Global Depository Receipts (GDRs) on the London Stock Exchange. Commercial Banks Swiss Franc bond issued in March 2018 is the largest ever CHF bond from the MENA region. (QNA)