Commercial Bank posts net profit of QR2,811.1m for 2022 – The Peninsula


Commercial Bank posts net profit of QR2,811.1m for 2022 – The Peninsula

Doha: The Commercial Bank (P.S.Q.C.) (“the Bank”), its subsidiaries and associates (“Group”) reported a net profit of QR2,811.1m as compared to QAR2,304.3m for 2021.

The Group announced yesterday its financial results for the year ended 31 December 2022. The Group The Board of Directors proposed a dividend distribution to shareholders of QR0.25 per share i.e. 25 percent of the nominal share value.

The financials and proposed dividend distribution are subject to Qatar Central Bank approval and endorsement by shareholders at the Bank’s Annual General Meeting.

Key financial highlights for the Group compared to the same period in 2021 · Net profit of QR2,811.1m, up by 22.0 percent.

The bank recorded a normalized operating income of QR5,298.4m, up by 11.0 percent (+3.8 percent on reported basis).

The Operating profit of QR 4,155.9m was up by 14.8 percent.

The normalized cost to income ratio of 21.6 percent (reported 21.5 percent), reduced from 24.1 percent (reported 29.0 percent).

·The bank recorded a strong capital adequacy ratio of 17.3 percent. The net provisions for loans and NPLs up by 7.3 percent mainly on account of continued prudent provisioning.

·The total assets of QR169.1 bn was up by 2.2 percent.

Customer loans and advances remained flat at QR 98.0bn · Customer deposits of QR

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