Tribune News Network
Doha
The Commercial Bank reported a net profit of QR3,032.1 million for 2024, compared to the prior year’s reported net profit of QR3,010.2 million, representing a 0.7% increase. The result underscores the consistent strides we continue to make in our journey of growth and innovation.
The Board of Directors proposed a dividend distribution to shareholders of QR0.30 per share i.e. 30% 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.
Sheikh Abdulla bin Ali bin Jabor Al Thani, Chairman, said: "In 2024, Commercial Bank had a positive year, making steady progress in executing its strategic plan while further strengthening its financial position.
S&P affirmed the Bank’s credit rating at A-/Stable/A-2, reflecting its solid capitalization and the support provided by Qatari authorities, recognizing the Bank’s high systemic importance in Qatar.
This affirmation underscores the Bank’s financial stability and its key role in the national economy. We remain focused on maintaining this momentum, ensuring continued financial stability, and delivering long-term value for our stakeholders.”
Hussain Ibrahim Alfardan, Vice Chairman, said, "Commercial Bank achieved notable progress in 2024, driven by Qatar’s robust economic performance and our focus on sustainable growth.
We maintained a strong operational foundation, with disciplined cost management and consistent growth across key segments.
Our commitment to sustainability took centre stage this year, marked by the successful issuance of our inaugural Green Bond, raising CHF 225 million to fund impactful green projects in Qatar.
These efforts earned us the prestigious "Best Green Financing Initiative” and "Sustainable and Green Bank of the Year in Qatar” from the Asian Banker, reflecting our leadership in advancing sustainable finance and environmental responsibility.”
Joseph Abraham, Group Chief Executive Officer, commented: "Commercial Bank delivered a strong and steady performance in 2024, successfully aligning with our strategic objectives and achieving positive financial outcomes. The Bank reported a consoli
dated net profit of QR3,032.1 million, reflecting a 0.7% year-on-year increase, driven by lower operating cost, lower net provisions and improved performance from our associates.
Our subsidiary in Turkey incurred a loss of QR85.2 million in 2024 after hyperinflationary accounting which negatively impacted the 2024 results by 2.8%.
While higher market funding costs impacted net interest income, we achieved notable growth in core fee income and other income, which rose by 12.5%.
This increase reflects the success of our strategic emphasis on diversifying revenue streams through transaction banking, an expanding card portfolio, and a robust performance in wealth management.
These efforts underscore our commitment to adapting to market dynamics while delivering value to our
clients.
We remain focused on optimizing our balance sheet, achieving a 0.9% increase in total assets. Our proactive engagement in debt markets underscores strong investor confidence in our financial stability and our commitment to sustainable growth initiatives.
With a robust capital position, including a Common Equity Tier 1 ratio of 12.3% and a Capital Adequacy Ratio of 17.2%, we continue to support growth while maintaining prudent capital levels in line with our guidance.
As we continue our journey, we remain steadfast in our commitment to executing our long-term strategy, with a focus on supporting Qatar’s National Vision 2030.