Commercial Bank Group, Qatar net profit rises 7.1%

Commercial Bank Group, Qatar net profit rises 7.1%

Maintaining strong performance while successfully implementing its five-year strategic plan, Commercial Bank Group achieved a consolidated net profit of QR3,010.2mn, marking a 7.1% increase from QR2,811.1mn reported in 2022.

Commercial Bank’s Board of Directors proposed a dividend distribution to shareholders of QR0.25 per share, which is 25% of the nominal share value.

The financials and proposed dividend distribution are subject to Qatar Central Bank approval and endorsement by shareholders at the Annual General Meeting, Commercial Bank said on Wednesday.

Commercial Bank chairman Sheikh Abdulla bin Ali bin Jabor al-Thani said, “The confirmation of Commercial Bank’s 'A-' rating with a positive outlook by Fitch, and 'A-' rating with a stable outlook by S&P, reflects the proactive execution of our strategic plan and the strength of Qatar’s Government and economy.

“In line with the Qatar National Vision 2030, Commercial Bank launched its inaugural Sustainable Finance Framework, which will further our commitment to support projects that enable the transition to a low carbon and climate resilient economy, as well as a positive societal impact.

“Our commitment to investing in technology and innovation has earned a number of awards, including ‘Fastest-Growing Partner in Qatar” and the ‘Highest Spend per Card in Qatar’ at the Mastercard MENA Business Forum, highlighting