Last checked at 19 Jan 2010 07:00
18 January 2010
Commercial Bank of Qatar announces its preliminary 2009 full year results
Resilient earnings despite challenging market conditions
Monday 18 January 2010, Doha, Qatar: Commercial bank of Qatar ("the Bank"), the largest private sector bank in Qatar, today announced its preliminary 2009 full year results following a meeting of the Bank's Board of Directors to approve the results for the year ended 31 December 2009.
Operating Income increased to QR 2.8 billion
Net profit at QR 1,524 million
Total Assets were QR 57.3 billion
The Board of Directors has recommended distribution of a cash dividend of QR 6 per share, 60% of the Bank's paid-up share capital, for the year-ended 31 December 2009.
The preliminary 2009 full year results have been published today in line with Qatar Exchange requirements. The figures have been approved by our independent Auditors, Ernst & Young and by Commercialbank's Board of Directors, and in accordance with regulatory procedures. The full disclosure of the Bank's results will be announced shortly.
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| For more information please contact: Parvez Khan AGM & Head of Investor Relations Commercialbank Tel: +974 449 1020 Email: parvezkhan@cbq.com.qa Abdulla Al-Mosallam Manager, Investor Relations Commercialbank Tel: +974 420 2626 Email: abdulla.almosallam@cbq.com.qa | Hugh Barker/Jon Earl Financial Dynamics Tel: +971 502487620 / +973 39300851 Email: hugh.barker@fd.com jon.earl@fd.com |
Notes to Editors
About Commercialbank
Commercialbank is the leading private sector and second largest commercial bank in Qatar, by shareholder equity and total assets which were QR 57 billion at 31 December 2009. As a full service commercial bank, the Bank offers a complete range of corporate, retail, Islamic, and investment banking services as well as owning and operating exclusive Diners Club franchises in Qatar, Oman and Egypt. The Bank's country wide network includes 29 full service branches, including 6 Al Safa Islamic branches and 140 ATMs.
Profitable in every year since incorporation in 1975, proactive investments in technology and human capital, together with a strong capital base and underwriting capability, provide a solid foundation for continued growth. A successful diversification strategy has expanded Commercialbank's GCC footprint through strategic partnerships with its associated banks, National Bank of Oman (NBO) in Oman and United Arab Bank (UAB) in the UAE. NBO, the second largest bank in Oman with total assets of RO 1.8 billion as at 31 December 2009, has 63 branches in Oman, 5 branches in Egypt and 1 in Abu Dhabi. UAB is headquartered in Sharjah, with total assets of AED 6.9 billion as at 31 December 2009 and operates 9 branches in the UAE.
Commercialbank has prime single 'A' credit ratings from the three globally recognized rating agencies: Moodys, Fitch and S&P. The Bank is listed on the Qatar Exchange and was the first Qatari bank to list its Global Depository Receipts (GDRs) as well as its bonds on the London Stock Exchange.
www.cbq.com.qa