24 January 2023

Commercial Bank Reports Net Profit of QR 2,811.1 Million, Up by 22.0%

Local

Doha, January 24 (QNA) - The Commercial Bank announced its financial results for the year ended December 31, 2022. The bank reported a net profit of QR 2,811.1 million as compared to QR 2,304.3 million for 2021.

According to data issued by the bank, posted on the Qatar Stock Exchange website today, earnings per share amounted to QR 0.62 in 2022, compared to QR 0.50 last year.

The Board of Directors proposed a dividend distribution to shareholders of QAR 0.25 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.

The bank's board of directors recommended distributing cash dividends to shareholders for the fiscal year ending on December 31, 2022, at QR 0.25 per share, or 25 percent of the nominal value of one share, after the approval of the Qatar Central Bank and bank's General Assembly's endorsement.

HE Chairman of the Board of Directors of Commercial Bank Sheikh Abdulla bin Ali bin Jabor Al-Thani said, "Our robust financial and operational performance for the year 2022 reflects our clear strategy and the Qatari economy's growth.

"Commercial Bank is privileged to have played a role in the continued development of Qatar's banking sector particularly in the digital space and in servicing its community to the highest degree in 2022. We look forward to another positive year in 2023, in line with the country's projected upward trajectory." Commercial Bank's Vice Chairman Hussain Alfardan said, "Commercial Bank has seen a strong 2022 affirmed by good growth across our key segments and a healthy bottom-line which was the second consecutive year of record profit achievement.

"Our performance stems from our five-year strategic plans, very strong execution and Qatar's positive macroeconomic fundamentals, which we expect to continue into the new year." (QNA)



Keywords

Economy, Qatar
X
Cookies help us improve your website experience.
By using our website, you agree to our use of cookies.
Confirm