Doha / Bloomberg
The Commercial Bank Qatar (Q.S.C.) announced its financial results for the year ended December 31, 2015. The bank delivered a net profit of QAR 1,458 million for 2015, a 24.9 percent decrease in profitability compared to 2014. On a quarterly basis, Commercial Bank generated net profit of QAR 117 million in the fourth quarter 2015, as compared to QAR 387 million in the fourth quarter 2014.
The Board of Directors is recommending, for approval at the Annual General Assembly on March 16, 2016 a cash dividend payout of QAR 3 per share. The financial results and profit distribution are subject to the approval of the Qatar Central Bank.
His Excellency Sheikh Abdullah bin Ali bin Jabor Al Thani, Chairman of the Board of Directors of Commercial Bank, said, “Despite concerns over the global economy, Qatar’s economy remains robust, backed by the country’s strong reserves and the government’s commitment to planned non hydro-carbon projects. The review of major government projects ahead of last year’s drop in the price of oil, instigated by our leader, HH The Emir Sheikh Tamim bin Hamad Al Thani, means that Qatar is in a strong position to continue the diversification of its economy. This national strategy provides Commercial Bank with a wide range of opportunities to generate value for its customers and shareholders, whilst supporting the development of the economy, as it has done for the past 40 years.” Hussain Al Fardan, Commercial Bank’s Vice Chairman and Managing Director, added,
“Commercial Bank reported a net profit of QAR 1.46 billion for the full year 2015. Our financial results for the year were affected by slowing economic growth in our markets in addition to higher than average provisioning taken by our UAE associate. However, the fundamentals of our business remain strong and our strategy firm: to continue to build upon our 40 year heritage, further developing a financial institution designed to meet our customers’ changing needs.”
Net operating income increased by 1.2% to QAR 3,949 million for the year ended December 31, 2015,up from QAR 3,902 million achieved in 2014. ABank delivered net operating income of QAR 711.6 million for the year ended December 31, 2015.