(MENAFN) The Commercial Bank, along with its subsidiaries and associates (collectively referred to as "the Group"), announced its financial results for the first half of the year ending June 30, 2024. The Group reported a net profit of QR1,571.0 million, marking a slight increase compared to the reported net profit of QR1,554.3 million for the same period last year. However, after restating the financial results for H1 2023 to QR1,352.5 million due to adjustments related to the year-end 2023 financial statements for underlying derivatives on the share option performance scheme, the current figures for H1 2024 reflect a more significant increase of 16.2 percent on a restated basis.

Sheikh Abdulla bin Ali bin Jabor Al Thani, the Chairman of the Board of Directors of Commercial Bank, highlighted the bank's robust performance in the first half of 2024, despite facing global banking sector challenges. He noted that Forbes once again recognized Commercial Bank among the "Middle East’s 30 Most Valuable Banks 2024." Additionally, Fitch affirmed the bank's rating at 'A' with a stable outlook. Sheikh Abdulla attributed this success to the bank's unwavering commitment to technology and innovation, which has enabled them to provide exceptional services enhancing the customer experience. This commitment was further recognized when the bank received awards for "Best Mobile Banking App" and "Best Remittance Service" from the MEED – MENA Banking Awards 2024, underscoring their dedication to outstanding customer service.

Hussain Alfardan, the Vice Chairman of Commercial Bank, expressed satisfaction with the bank's performance in the first half of 2024. He emphasized that these results reflect the strength of the Qatari economy and the bank's steadfast commitment to operational excellence. This strong performance in a challenging environment highlights the bank's resilience and strategic focus on innovation and customer service excellence.

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