The Commercial Bank reports 2017 Q4 financial results

The Commercial Bank announced its financial results for the full year ended 31 December 2017. The Group reported a net profit of QAR 604 million as compared to QAR 501 million for the same period in 2016, an increase of 20.4%.
Key financial highlights for the Group compared to the same period in 2016:

•    Total assets of QAR 138.4 billion, up by 6.2%
•    Customer loans and advances of QAR 89.1 billion, up by 14.6%
•    Customer deposits of QAR 77.6 billion, up by 9.5%
•    Operating profit of QAR 2,204 million, up by 13.5%
•    Cost income ratio of 37.5% reduced from 45.7%
•    Provisions on non-performing loans at QAR 1,697 million, up by 33.8%
•    Net profit of QAR 604 million, up by 20.4%
His Excellency Sheikh Abdullah bin Ali bin Jabor Al Thani, Chairman of the Board of Directors of Commercial Bank, said, “2017 was a challenging year for Qatar and Commercial Bank where both the public and private sectors adapted to a new market environment due to the land, air and sea blockade imposed by Qatar’s neighbours. Both have proven to be resilient. Despite this, Qatar’s robust macro fundamentals have not materially changed, reflected by an AA- rating by Fitch and Aa3 by Moody’s. Commercial Bank has successfully concluded the first year of the 5-year strategic plan under which it has made good progress in cleaning up its balance sheet, diversifying its loan portfolio geographically and tenor to create a healthier risk profile, and driving efficiencies across the business. Looking ahead, country fundamentals remain strong which will provide opportunities for Commercial Bank as well.  Qatar’s large financial buffers of approximately $35 billion in net international reserves at the Qatar Central Bank and more than $300 billion of assets managed by the Qatar Investment Authority provide a strong liquidity position. Spending is set to increase in education, health and construction projects in advance of the FIFA 2022 World Cup for which preparations are on track.”

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