Commercial Bank net profit rises by 84.7% to QR2.13bn for first nine months – The Peninsula Qatar

Commercial Bank net profit rises by 84.7% to QR2.13bn for first nine months – The Peninsula Qatar

Doha: The Commercial Bank, its subsidiaries and associates (Group) yesterday announced a net profit of QR2.13bn for the first nine months of the year, registering an increase of 84.7 percent compared to QR1.15bn during the same period in 2020.

The Group’s balance sheet has increased by 15.5 percent with total assets at QR165.3bn, compared to QR143.1bn in September 2020. The increase was mainly due to loans and advances. Customer loans and advances increased by 11.8 percent to QR101.1bn from QR90.5bn, with the increase mainly seen in the government and public sectors.

Commercial Bank’s normalised operating income also rose by 11.4 percent to QR3.49bn (+21.6 percent on reported basis), while operating profits grew by 13.8 percent to QR2.62bn from QR2.30bn during the same period last year. The Group has also successfully issued a senior unsecured five-year bond of $700m in May.