Qatar: Commercial Bank reports $827mln net profit for 2023

Qatar: Commercial Bank reports $827mln net profit for 2023

Doha, Qatar: The Commercial Bank (P.S.Q.C.) (“the Bank”), its subsidiaries and associates (“Group”) announced yesterday its financial results for the year ended 31 December 2023. The Group reported a net profit of QR3,010.2m as compared to QR2,811.1m for the same period in 2022.

The Board of Directors proposed a dividend distribution to shareholders of QR0.25 per share i.e. 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 Bank’s Annual General Meeting.

Sheikh Abdulla bin Ali bin Jabor Al Thani, Chairman of the Board of Directors of Commercial Bank, 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