Last checked at 20 Jan 2009 10:55
20 January 2009
Commercial Bank of Qatar announces key highlights of its 2008 full year results
Tuesday 20 January 2009, Doha, Qatar: Commercialbank of Qatar , the largest private sector bank in Qatar, today announced key 2008 full year results' highlights following a meeting of the Bank's Board of Directors to review the financial statements for the year ended 31 December 2008.
Operating Income was up 42.5% from QR 1.9 billion to QR 2.8 billion
Net profit grew by 22.4% to QR 1.7 billion
Total Assets increased by 35.0% to QR 61.3 billion
The Board has recommended distribution of a cash dividend of QR 7 per share, 70% of the Bank's paid-up share capital for the year 2008. Commercialbank's Annual General Meeting will be held on 16 February 2009 in Doha.
The key 2008 full year results' highlights have been published today in line with Doha Securities Market requirements. Please note, these figures have been approved by independent Auditors and by Commercialbank's Board of Directors, and in accordance with regulatory procedures will be reviewed by the Qatar Central Bank and may be subject to change. Full disclosure of the Bank's results is scheduled for release after Central Bank approval.
END
For more information please contact:
| Roy Leask Head of Group Corporate Communications Tel: +974 449 1090 Email: roy.leask@cbgroup.com.qa Nicholas Coleman Group Chief Financial Officer Tel: +974 449 1140 Email: nick.coleman@cbgroup.com.qa | Heidi Robinson Capital MS&L Tel: +971 50 458 5022 Email: heidi.robinson@capitalmsl.com Kate Delahunty Capital MS&L Tel: +971 4 427 6446 Email: kate.delahunty@capitalmsl.com |
Notes to Editors
About Commercialbank:
Commercialbank is the leading private sector and second largest commercial bank in Qatar, by total assets and shareholders' equity. Cb is a full service commercial bank and offers a complete range of corporate banking, investment banking, Islamic banking, trade finance and retail banking. Commercialbank also owns and operates exclusive Diners Club franchises in Qatar, Oman and Egypt. The bank's country wide network includes 27 full service branches, including 6 Al Safa Islamic branches, and 135 ATMs.
Commercialbank has achieved a compounded annual growth rate of over 40% in all key measures over the last five years, with the well diversified asset base rising to QR 61.3 billion as at 31 December 2008. Cb has a presence in Oman and the UAE through its affiliates, National Bank of Oman and United Arab Bank. NBO is the second largest bank in Oman with total assets of RO 1.8 billion as at 30 September 2008 and has 52 branches in Oman, 5 branches in Egypt and 1 in Abu Dhabi. UAB is headquartered in Sharjah, with total assets of AED 7.1 billion as at 30 September 2008 and operates 9 branches in the UAE.
Commercialbank now ranks among the top 20 Arab banks by capital strength, and is one of the fastest growing banks in the GCC region. Cb has prime single A credit ratings from all the three globally recognized rating agencies - Moodys, Fitch and S&P. Cb is listed on the Doha Securities Market (ticker symbol: CBQK) and is the first Qatari bank to list its Global Depository Receipts (GDRs) as well as its bonds on the London Stock Exchange (ticker symbols CBQS & CBQA).