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FROM LEFT: Abdulla Mohamed Ibrahim Al Mannai, Director, Jassim Al Mosallam, Director, H E Abdullah bin Khalifa Al Attiyah, Chairman, Hussain Ebrahim Alfardan, Managing Director, Sheikh Abdullah bin Ali bin Jabor Al Thani, Vice Chairman, Sheikh Ahmed bin Nasser bin Faleh Al Thani, Director, and Omar Hussain Alfardan, Director, at the Commercialbank shareholders annual meeting at the Cb Plaza in Doha, yesterday. Kammutty V P
DOHA: Commercialbank has recorded a net profit of QR 2.01bn in 2012 full year. This is an increase of 7 percent over the net profit of QR1.8bn achieved in 2011.
The Board of Directors recommended a cash dividend payout of 74 percent of the net profit, which equates to QR6 per share to recognise shareholders’ ongoing loyalty and the Bank’s strong performance in 2012.
Presenting the financial results at the ordinary and extraordinary meetings of the shareholders of the bank yesterday, Chairman Abdullah bin Khalifa Al Attiyah said: “Our banking associates, United Arab Bank and National Bank of Oman have both had excellent years, increasing revenue and profitability, and growing their lending. UAB delivered another record net profit of Dh410m, up 24 percent, while NBO increased its net profit by 18 percent to OMR 41m. Both banks are strongly positioned to deliver further growth in their domestic markets and we continue to focus on strengthening our regional alliance”.
Commercialbank continues to play an integral role in the growth and development of Qatar and is committed to playing a central role as the economy expands and diversifies. The government has identified small and medium enterprises as a vital component in Qatar’s economic future, and we are helping to support and nurture these businesses through our Enterprise Business which we launched at the start of 2012. The Bank is well positioned to support the growth in investment in infrastructure that will arise from Qatar’s successful bid for the 2022 World Cup, he said.
“Commercialbank has delivered another record performance in 2012 achieving strong earnings in a challenging operating environment. Our business strategy has seen the Bank protect its core business in 2012, grow its domestic corporate and retail businesses and deliver alternative sources of income”, said Managing Director Hussain Al Fardan.
The Bank’s total assets grew 12 percent to QR80bn on 31 December 2012. Lending to customers rose by QR6.9bn to QR 48.6bn with growth generated in both the Wholesale and Retail businesses while the non-performing ratio reduced to 1.09 percent. To support the growth in lending, customers’ deposits grew by 9 percent to QR41.4bn. He said the Bank remains both well capitalised and funded with the capital adequacy ratio at 17.0 percent at 31 December 2012, well above the Oatar Central Bank’s required minimum level of 10 percent. Commercial Bank is committed to delivering the highest standards of service and value to both our customers and to our shareholders, and in successfully delivering that ambition, we owe thanks to the loyalty, dedication and hard work of all our employees.The Peninsula