DOHA: Commercial Bank of Qatar (Commercial Bank) yesterday announced its financial results and reported a net profit of about QR1.02bn for the half-year ended 30 June 2013, marginally up by one percent compared to the corresponding period last year.
The net profit for the second quarter (Q2, April-June) of 2013 was up by 2.5 percent to QR518m compared with the first quarter of 2013. Earnings per share (EPS) of the Bank were reported QR4.14 compared with QR4.11, said a press statement issued by the Bank.
Total assets of the Bank reached to QR85.4bn, up 16 percent, and customer loans and advances were up 18 to reach at QR52bn, while customers’ deposits went up by 16 percent to QR 46.9bn.
Chairman of the Board of Directors of Commercial Bank, Abdullah bin Khalifa Al Attiyah, said: “Commercial Bank, through both its retail and wholesale businesses, is positioned to capture the opportunities offered by Qatar’s rapidly changing economy as it transitions away from its traditional hydrocarbon-based growth. The Bank’s acquisition of Alternatifbank in Turkey underpins our strategy of diversifying our revenue streams and will facilitate growth for all of the banks in the Commercial Bank Alliance. We look forward to Alternatifbank making a positive contribution to Commercial Bank’s growth strategy.”
Managing Director of the Bank, Hussain Al Fardan added: “Commercial Bank delivered a strong set of results in the second quarter of the year continuing the growth seen in its underlying business during the first quarter. Despite the continued competitiveness of Qatar’s banking sector, the Bank improved its profitability in the second quarter by 2.5 percent compared with the first quarter of the year, and has grown lending and deposits by 7 percent and 13 percent, respectively, since the end of last year.”
Net operating income increased by 14 percent to QR1.6bn in the first half of 2013, up from QR1.4bn achieved in the same period in 2012. The Peninsula
