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Tribune News Network
Doha
Commercial Bank on Tuesday announced that the group registered a net profit of QR501.4 million as compared to QR1.43 billion for the same period in 2015, registering a decrease of 65 percent.
Earnings per share (EPS) of the bank amounted to QR0.86 for the period ended December 31, 2016 compared to EPS of QR3.92 for the same period of the previous year.
Based on the results, the board of directors has recommended one bonus share for every twenty shares held.
The group operating profit declined 14 percent to QR1.94 billion, while net operating income of decreased 9 percent to QR3.59 billion.
The group's provisions on non-performing accounts were up 55 percent to QR1.39 billion. Total assets of the group increased 5.6 percent to QR130.4 billion.
Customer loans and advances of the group went up by 1.6 percent to QR77.8 billion, while the customers' deposits also rose 1.6 percent to QR70.9 billion.
Non-interest income for the group decreased by 11.4 percent to QR1.25 billion in 2016 compared with QR1.41 billion for the same period in the previous year.
The overall decrease in non-interest income was due to lower net fee and commission income, partly offset by higher foreign exchange income and investment income.
Commenting on the results, Commercial Bank Chairman Sheikh Abdullah bin Ali bin Jabor al Thani said,"The year 2016 was marked by challenging economic conditions and volatile markets exacerbated by international political uncertainty. To address these conditions, we have created a clear five year strategic plan which focuses on building sustainable growth. Under the new executive leadership, the board is confident in Commercial Bank's ability to return to growth as this plan is implemented."
Commercial Bank Vice Chairman and Managing Director Hussain al Fardan said,"Commercial Bank reported an operating profit of QR1.94 billion for the full year 2016. However, provisions and impairments of QR1.39 billion were taken as part of our strategic plan to prudently provision and de-risk our balance sheet which has resulted in a net profit of QR501 million. Despite the impact of provisions, our underlying business remains robust and the recently developed five year strategic plan will reshape our business towards sustainable growth."
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22/02/2017
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