Commercial Bank of Qatar announces $365m profit

20 October 2010

Net profits in line with 2009 results

Commercial Bank of Qatar posted net profits of QR1.33bn ($365m) in the nine months to 31 September 2010 as a result of greater lending and diversification of funding sources.

Commonly known as Commercialbank, it is the largest private-sector bank in Qatar. Its net operating income decreased to QR1.93bn from QR2.18bn in the same period in 2009 due to the sale of the bank’s real-estate assets.

“The financial performance in the first nine months of the year is a testament to the successful broad-sector focus and the development of relationships in the public sector,” says managing director Hussain al-Fardan.

Net provision for loans reduced to QR57m from QR289m in the first nine months of 2009, while loans and advances to customers grew by 10 per cent to QR34.7bn. This rise pushed up Commercialbank’s total assets by 7 per cent to QR60.2bn.

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