The Commercial Bank (“the Bank”) and its subsidiaries and associates (“the Group”) announced its semi-annual financial results ending on June 30, 2023. The Group achieved net profits of 1,554.3 million riyals, compared to net profits of 1,432.3 million riyals for the same period in 2022.
Sheikh Abdullah bin Ali bin Jabor Al Thani, Chairman of the Board of Directors, stated, “The bank was able to achieve positive financial and operational performance in the first half of 2023, despite the challenges facing the global banking sector this year.
He added: Through continuous investment in technology and innovation, the bank was able to provide world-class services that enhance the customer experience, and it was awarded the “Best Innovation in Mobile Banking Services in the World 2023” award from Global Finance as a recognition of its excellence in providing these services. We are committed to capitalizing on this growth and success to create added value for our stakeholders.”
Mr. Hussain Al-Fardan, Vice Chairman of the Board of Directors of Commercial Bank, said, “We are pleased to announce the strong performance achieved by Commercial Bank in the first half of 2023, which reflects our firm commitment to operational excellence. We continue to focus on key divisions in the corporate and retail sectors, and this has contributed to positive momentum in our results and demonstrated our success in meeting the needs of our customers.
He added, “Going forward, we remain committed to our goal of striving for Commercial Bank to be the leading banking services provider in the region. We look forward to another year of positive achievements and contribution to the continued growth and prosperity of the economy of the State of Qatar.
Mr. Joseph Abraham, Group CEO of Commercial Bank, commented: “The Commercial Bank continued to improve its financial performance during the first half of 2023, as the group recorded a consolidated net profit of QR 1,554.3 million, an increase of 8.5% compared to QR 1,432.3 million. Qatari in the same period of the year 2022, and this increase is mainly due to the growth in operating income, increased recoveries, and improved performance by associate companies.
The group’s operating profits increased by 6.9%, amounting to 2,045.9 million riyals for the six months ending on June 30, 2023, compared to 2,112.9 million riyals achieved in the same period of 2022.
The group’s net interest income increased by 2.4%, reaching 1,935.0 million riyals for the six months ending on June 30, 2023, compared to 1,890.3 million riyals achieved in the same period of 2022. The net interest margin maintained 2.7% for the six months ending on 30 June 2023.
