(MENAFN) The Commercial Bank has seen a 20.4% rise after generating a net profit of QR604m during 2017, from QR501m in 2016, with the group reaching 6.2% increase in total assets to QR138.4bn.
It was said that the growth has been essentially a result of a QR11.3bn rise in loans and advances along with QR4.2bn in investment securities.
'2017 was a challenging year for Qatar and Commercial Bank where both the public and private sectors adapted to a new market environment due to the land, air and sea blockade imposed by Qatar's neighbours. Both have proven to be resilient,' Chairman of the Board of Directors of Commercial Bank Sheikh Abdullah bin Ali bin Jabor Al Thani stated.
He continued 'despite this, Qatar's robust macro fundamentals have not materially changed, reflected by an AA- rating by Fitch and Aa3 by Moody's. Commercial Bank has successfully concluded the first year of the 5-year strategic plan under which it has made good progress in cleaning up its balance sheet, diversifying its loan portfolio geographically and tenor to create a healthier risk profile, and driving efficiencies across the business.'
MENAFN3001201800450000ID1096405642
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.