CBQ on the path towards a sustainable, green and digital future – The Peninsula

CBQ on the path towards a sustainable, green and digital future – The Peninsula

Doha: Commercial Bank of Qatar (CBQ) has played a leading role in Qatar’s economic and social development since it was established as the country’s first private sector bank in 1974. In an interview, , discusses the bank’s achievements to date, how CBQ is driving its digital strategy and the resilience of Qatar’s economy amid rising political, economic and social challenges.

Q: CBQ recently reported first quarter results. What were some of the key highlights and how do they relate to the performance objectives the bank has for 2022?

CBQ reported a good start to the year, with our financial performance for the first quarter of 2022 demonstrating the strong execution of our strategy. We reported a net profit of QR702m for the period, up 16.5% compared to the same period last year. The increase in net profit was mainly due to an increase in net interest income, driven by continued effective management of our cost of funding and an improvement in interest income.

Commercial Bank has a strategic focus on best-in-class Transaction Banking and our low cost deposits increased by 10.9% year on year due to the strength of our cash management initiatives and digital products offered.

Q: In March, the bank’s shareholders approved