Commercial Bank Chairman Sheikh Abdulla bin Ali bin Jabor Al Thani and other officials during the meeting.
Doha: Commercial Bank held its Ordinary and Extraordinary General Assembly Meetings yesterday and approved all items on the agenda including the Board’s recommendation to distribute a cash dividend of QR 0.16 per share, equivalent to 16 percent of the nominal share value.
Commercial Bank Chairman Sheikh Abdulla bin Ali bin Jabor Al Thani said: “Commercial Bank’s vision is to be the leading bank in Qatar with the world’s best client experience, innovation in products and digital capability. We have made good progress in achieving this vision as we come to the end of our first five-year strategic plan 2017 to 2021, reporting a record net profit for 2021.”
“Looking to the future, we believe we will achieve the full potential of Commercial Bank under our new strategic plan 2022 to 2026, and we will continue our commitment to supporting Qatar’s national development in line with the Qatar National Vision 2030.”
Commercial Bank has delivered impressive performance last year. The Bank reported a net profit of QR2.304bn for the year ended December 31, 2021, an increase of 77.1 percent compared to QR1.301bn for the same period last year.
Net interest income for the Group increased by 19.4 percent to QR3.701bn for the year ended December 31, 2021 compared with QR3.1bn achieved in the same period in 2020. Net interest margin increased to 2.7 percent for the year ended December 31, 2021 compared with 2.4 percent achieved in the same period last year.
The Bank’s loans and advances to customers increased by 1.3 percent to QR98bn at 31 December 2021 compared with QR96.7bn in the same period in 2020. The increase was despite a reduction in the Government temporary borrowing in Q4 21 as it partly repaid its system wide temporary borrowing.
Bank’s customer deposits increased by 8.1 percent to QR82bn at 31 December 2021, compared with QR75.8bn in the same period last year. The increase was mainly in time deposits however, current and savings deposits have increased by 5.1 percent due to the various cash management initiatives and digital products that the bank offers.
