The Commercial Bank headquarters at the West Bay. The growth in the bank’s total assets was driven mainly by an increase of QR4.8bn in investment securities and QR6bn in customer deposits.

Commercial bank posted a nine-month net profit of QR1.34bn as the Qatar’s leading lender saw an increase in its customer deposits, loans and advances and total assets in three quarters that ended on September 30.
The nine-month net profit, however, was down 13.7% (QR1.55bn in September, 2014), Commercial Bank said yesterday.
Commercial Bank delivered a balance sheet growth of 4% at the end of September with total assets at QR119.2bn, compared with QR114.3bn in the same period in 2014.
The growth in total assets was driven mainly by an increase of QR4.8bn in investment securities and QR6bn in customer deposits.
Loans and advances to customers were up by 3.8% to QR73.4bn in September compared with QR70.7bn in the same period last year. The growth in lending has been generated, mainly in services and consumption sectors, the bank said.
The bank’s net provisions for loans and advances stood at QR544mn for nine months up to September 30, up 44% on QR377mn for the same period in 2014.
The non-performing loan (NPL) ratio has been reduced to 3.6% in September compared with 3.7% in September 2014.
The coverage ratio increased to 81.3% in September compared with 68.3% in September 2014.
Commercial Bank chairman Sheikh Abdullah bin Ali bin Jabor al-Thani said, “The global economy continues to adjust to the challenges of a lower oil price, a continuation of low global interest rates, and a moderation in emerging markets’ economic growth. Despite these challenges, Qatar’s economy continues to diversify, recording the highest non-oil GDP growth rate in the GCC region. Commercial Bank’s strategy, guided by its board of directors, enables it to take advantage of Qatar’s growing private sector, utilising our 40-year heritage of servicing the financing needs of growing companies in Qatar and the region.”
Commenting on Commercial Bank’s financial performance, Hussain Alfardan, vice chairman and managing director, said, “Commercial Bank has continued to build on its strategy of creating sustainable value for our customers and shareholders. The continued successful execution of our strategy means that Commercial Bank remains well positioned to generate value even as we expect the growth of our markets to moderate.
“Commercial Bank delivered a solid performance for the nine month period of 2015, delivering a 4% increase in net operating income to QR3.058bn. Commercial Bank’s UAE associate partner United Arab Bank has experienced difficult market conditions resulting in prudent provisioning during the period, which has affected our net profit.”
Commercial Bank CEO Abdulla Saleh al-Raisi said, “The dynamics of our markets mean that we are seeing a growing range of opportunities for Commercial Bank. The private sector is becoming an increasingly important driver of Qatar’s economy, as well as those of our other markets, whilst the public sector continues to offer good opportunities.
“We have grown Commercial Bank by offering innovative and customer focused products and services despite the expected slowing of the economies in which we operate.”
The bank’s subsidiary in Turkey - Alternatifbank delivered an 18.4% increase in net profit to 116mn liras for the nine months up to September 2015 compared with 98mn liras for 2014.
The bank’s associate, National Bank of Oman achieved a net profit of 43mn Omani rials for the nine-month period compared with 37mn rials last year.
UAB delivered a net profit of 72mn UAE dirhams for the nine months up to September, which is lower by 85% over the same period in 2014.