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MENAFN - The Peninsula - 11/02/2014
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(MENAFN - The Peninsula) Commercial Bank of Qatar delivered a full year net profit of QR1.6bn for 2013, down from QR2.02bn recorded a year ago. Profit for the fourth quarter of 2013 was up 7 percent to QR300m compared to the third quarter of 2013



The Board of Directors recommended the distribution of a cash dividend of 20 percent of the share's nominal value to the shareholders, which equates to QR2 per share and bonus shares of 20 percent (one bonus share for every five shares held). The financial results and profit distribution are subject to the approval of the Qatar Central Bank



The bank's operating income for the year 2013 is up by 15 percent to QR3.4bn and total assets grew by 41 percent to QR113bn. Customer loans and advances are up by 38 percent at QR66.9bn. Customers' deposit grew by 53 percent to QR63.4bn. The sarnings per share is QR6.48. The bank raised QR2bn Additional Tier 1 capital in 2013



Abdullah bin Khalifa Al Attiyah, Chairman of the Board of Directors of Commercial Bank, said: "The year 2013 was important for Commercial Bank as we continue to build a bank that is capable of delivering long-term value to its shareholders and customers. We invested in our international strategy with the acquisition of ABank in Turkey, which we intend to develop into a market leading Turkish bank. Following the acquisition, Commercial Bank and its associates in the UAE and Oman are now well positioned to capture the growing trade and investment flows between Turkey and the GCC. Qatar's infrastructure investment requirement and its rapidly diversifying economy require world-leading banking products and services. The investment we have made in the business and in our people this year will ensure that Commercial Bank continues to grow its market share and shareholder value.



On the financial performance, Hussain Al Fardan, Commercial Bank's Managing Director, said: "The improving trends witnessed in the third quarter have continued into the fourth quarter of the year and we continue to see good momentum as we enter 2014.



Net interest income was QR2.1bn for the year ended December 31, 2013, 17 percent higher than 2012, reflecting strong growth in lending activities particularly in the real estate and services sectors. ABank contributed QR312m, 14 percent of the total net interest income. Net interest margin remained stable compared to the third quarter of 2013 at 2.57 percent



Non-interest income was up 11 percent to QR1.24bn for 2013 compared with QR1.11bn in 2012 with ABank contributing QR133m. The overall increase in non-interest income was due to higher fee and commission income, higher foreign exchange income combined with lower income from investments securities. Total operating expenses were up 40 percent to QR 1.43bn for 2013 compared with QR1.02bn in 2012.



The bank's net provisions for impairment losses increased to QR714m in 2013 compared with QR202m in 2012, and comprised provisions of QR604m for loans and advances and QR110m for financial investments. Impairment provisions on the bank's investment portfolio increased to QR110m for the year ended December 31, 2013 compared with QR62m in 2012, reflecting a general decline in the valuations of certain emerging market equities and currency fluctuation



Andrew Stevens, Commercial Bank's Group Chief Executive Officer, said: "The investments and strategic decisions we have taken during the course of the year mean that Commercial Bank is now in a stronger position to pursue growth over the long-term to the benefit of shareholders and customers.



Abdulla Saleh Al Raisi, Chief Executive Officer, said: "We have invested heavily in our Corporate and Retail banking offers, ensuring our customers benefit from a far more integrated range of products and services, whilst continuing to support the development of Qatar's SME sector with sector specific services, which will help to develop this crucial element of Qatar's increasingly diversified economy.


 


The Peninsula




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