Commercial Bank Qatar posts 2009 profit

Commercial Bank of Qatar has posted a net profit of QR1.52bn in 2009 and increased Q4 profits by 33% to QR186m compared with the same period in 2008, Gulf Times has reported. The bank's net provisions increased to QR648m in 2009, compared with QR524m in 2008. Loans and advances to customers were 6% lower than 2008 at QR31.9bn, due to selective new lending during the year, although new lending increased to QR3.6bn in Q4 and also because of the sale of loans and advances and other exposures of QR3bn to the government of Qatar in June 2009 as part of its programme of initiatives to support the banking sector.