Mohamad Ismail Mandani Al Emadi (second right), Commercial Bank Board Member; Commercial Bank Group Chief Executive Officer Joseph Abraham (second left); Parvez Khan - EGM, Treasury & Investment (left); and Fahad Badar, EGM, International Banking during t
DOHA: Commercial Bank has received the “Best Bank in Qatar” award from Global Finance magazine during the publication’s 25th annual ceremony for the world’s best banks. An awards ceremony took place on Saturday in Bali, Indonesia, on the sidelines of the 2018 Annual Meetings of the International Monetary Fund and World Bank Group.
Commercial Bank was selected as the winner by Global Finance’s editorial board based on extensive consultation with bankers, consultants and industry analysts.
According to Global Finance Magazine, banks are awarded through a consideration of “factors that range from the quantitative objective to the informed subjective.” In addition, a poll of Global Finance’s corporate readership was conducted to increase the accuracy and reliability of the results.
Commercial Bank has had a successful 2018 to date, indicating that the execution of its five-year strategic plan to be the best bank in Qatar is on track. It continued to grow, with the Bank and its subsidiaries reporting a net profit of QR855m for the half year ended 30 June 2018 as compared to QR180m for the same period in 2017 – an increase of 376 percent.
Customer loans were up by 4.3 percent in H1 2018 compared to the same period last year, while the Bank has simultaneously reshaped its balance sheet through sector diversification to reflect current and future market opportunities. The Bank’s cost to income ratio has been reduced by cutting waste, while the Bank continued to invest in new technologies.
As part of its five-year strategic plan, Commercial Bank has invested heavily in digital technology to make its banking services more convenient for customers. For example, last year it launched a first-to-market 60 Seconds Remittance service to India, which has since been extended to the Philippines, Sri Lanka, Pakistan and Nepal.
The service allows customers to transfer money in under one minute through the Commercial Bank Internet Banking and Mobile Banking App. In recognition of this market-leading service, Commercial Bank was awarded “The Best Remittance Service for the Middle East” at The Asian Banker’s Excellence Services Awards 2018.
Commenting on the award, Joseph Abraham, Group CEO of Commercial Bank, said: “It is great to get recognition for all the work that Commercial Bank has done as part of our goal to be the best bank in Qatar. This is the first time that the Bank has won this award, so it’s a real milestone for us.
“At Commercial Bank we are transforming the way we work by developing a ‘One Bank, One Team’ culture. We are making strategic decisions by investing more than ever in our people and in technology, so that we can provide the best products and services to our customers.”
