Business | Banking
Commercialbank net profit soars to QR 1.04 billion
Commercialbank announced a record result for 2008 with a net profits rising to QR 1.04 billion in the first half of 2008, an increase of 66 per cent over the same period last year.
- Staff Report
- Published: 18:32 July 20, 2008
Qatar: Commercialbank announced a record result for 2008 with a net profits rising to QR 1.04 billion in the first half of 2008, an increase of 66 per cent over the same period last year.
"Our performance continues to be inspired by Qatar's visionary leadership and to benefit from the rapid growth of the economy," said Abdullah Bin Khalifa Al Attiyah, Commercialbank chairman.
"The increased scale of economic activity in Qatar and our diversification strategy has enabled strong growth in all of our core businesses. Earnings per share, before dilution, have jumped from 3.4 Qatari riyals in the same period last year to 5.7 Qatari riyals for this period," he added.
Highlights of the strong growth in the first half of 2008 are rise in total assets size to 53.8 billion Qatari riyals, reflecting 49 per cent growth over the end June 2007 level; increase in total loans and advances by 36 per cent to 29.8 billion Qatari riyals; and growth in customer deposits by 36 per cent to 28.9 billion Qatari riyals.
The bank's capital base has also strengthened by 3.276 billion Qatari riyals, following the successful issue of a total of 24 million new ordinary shares.
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