The Commercial Bank and its subsidiaries and associates announced yesterday their financial results for the first quarter ending on March 31, 2023, and the “group” achieved a net profit of 751.3 million Qatari riyals.
Sheikh Abdullah bin Ali bin Jabor Al Thani, Chairman of the Board of Directors of Commercial Bank, said: “The Commercial Bank achieved a positive financial and operational performance in the first quarter of 2023, largely supported by the sustainable growth of the Qatari economy during the past year, which recorded an impressive growth rate of GDP. GDP increased by 8% in the last quarter of 2022 compared to the same period in 2021, according to the Planning and Statistics Authority. We look forward to achieving another year of positive results and contributing to the continued growth and prosperity of the Qatari economy.”
For his part, Mr. Hussain Alfardan, Vice Chairman of Commercial Bank, said: “Commercial Bank is pleased to announce the continuation of the upward momentum in its results for the first quarter, which reflects the positive momentum of the macroeconomic fundamentals of the State of Qatar and our continued commitment to operational excellence. Our results were boosted by growth in unfunded income and our earnings remained healthy. We continue our efforts to provide the best services to clients and customers, and we are confident that our continuous investments in digital technology and innovation will enable us to remain at the forefront in our field.”
In turn, Mr. Joseph Abraham, Group Chief Executive Officer of Commercial Bank, said, “Commercial Bank has continued its track record of strong performance with an improvement in financial results for the period ending on March 31, 2023. The Bank has maintained the momentum from last year and made significant progress in our strategy.”
Group operating profit increased by 8.8% to QAR 1,025.8 million for the first quarter, compared to QAR 942.5 million achieved in the same period of 2022.
The Group’s net interest income increased by 7.5%, reaching QR 987.0 million, compared to QR 917.8 million achieved in the same period of 2022.
The Group’s non-interest revenue increased by 22.2%, amounting to 364.7 million Qatari riyals, compared to 298.4 million Qatari riyals achieved in the same period in 2022.
