Commercial Bank's Net Profit Up 22% In 2022| MENAFN.COM

Saturday, 04 February 2023 09:09 GMT

Commercial Bank's Net Profit Up 22% In 2022


(MENAFN- The Peninsula) joel johnson | The Peninsula Online

The Commercial Bank of Qatar announced that it has recorded a whopping surge of 22 percent last year as compared to 2021. During its fiscal year announcement held yesterday at the Commercial Bank Plaza, Joseph Abraham, Group CEO, Rehan Khan, Chief Financial Officer addressed the media and was moderated by Hussein Al Abdulla, Chief Marketing Officer as they reported that the net profit for the year 2022 amounted to QR2,811.1m, while 2021 posted a net profit of QR2,304.3m.

Sheikh Abdulla bin Ali bin Jabor Al Thani, Chairman of the Board of Directors of Com-mercial Bank, said:“Our robust financial and operational per-formance for the year 2022 reflects our clear strategy and the Qatari economy's growth over the last year.

2022 will be remembered for the successful execution of the 2022 FIFA World Cup, proving Qatar's ability to execute flawlessly world events and draw a global audience, reinforcing its efforts to serve as an international destination for tourism, com-merce, sports, and culture.

'He also outlined the bank's pivotal part in enabling all kinds of services accessible to its customers by saying that“Commercial Bank is privileged to have played a role in the continued development of Qatar's banking sector partic-ularly in the digital space and in servicing its community to the highest degree in 2022.

We look forward to another positive year in 2023, in line with the country's projected upward trajectory.” In the same year, normalised operating income surged by 11 percent of QR5,298.4m and the operating profit was up by 14.8 percent amounting to QR4,155.9m in 2022 comparatively.

Lauding the successful drive, Commercial Bank Group CEO Joseph Abraham said that“We remain confident in the outlook of 2023 and beyond as it will be a positive year. Commercial Bank reported a strong set of results for the year ended 31 December 2022, maintaining the momentum and strong exe-cution of our five-year strategic plan.”

“The Group reported a consolidated net profit of QAR 2.8bn for the period, up 22.0 percent compared to the pre-vious year, driven mainly by an improvement in operating income and higher contributions from our asso-ciates,” he added.

While the total assets grew by 2.2 percent amounting to QR169.1m, customer loans and advances remained the same at QR98bn in 2021 and 2022.

On the other hand, customer deposits came up to QR83.2bn, an increase of 1.5 percent.

In a statement to the press, Hussain Alfardan, Commercial Bank's Vice Chairman, high-lighted that“Commercial Bank has seen a strong 2022 affirmed by good growth across our key segments and a healthy bottom line which was the second consecutive year of record profit achievement. Our per-formance stems from our five-year strategic plans, very strong execution, and Qatar's positive macroeconomic fundamentals, which we expect to continue into the new year.”

In its recent report, S&P Global Ratings upgraded commercial bank from BBB+ to A- and the Banker Magazine awarded“Bank of the year” in Qatar.

Anticipating an efficacious year in 2023, Rehan Khan, Chief Financial Officer told the media that“Our main profit is 2,811.1m to be precise. That's a record for us. Last year was a record as well. We can just see what's driving the improvement in profitability. It's the operating income. So it has been gradually increasing each year. At the same time, the cost has been kept very disciplined. You can see hardly any movement in cost over the last 5 years almost flat throughout. So we think we can really benefit from our digitisation.”

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