The Banking Executive Magazine - April 2021

The Commercial Bank (P.S.Q.C.) (“the Bank”), its subsidiaries and as- sociates (“Group”) announced today its financial results for the quarter ended 31 March 2021. The Group reported a net profit of QAR 602.7 million as compared to QAR 402.1 million for the same period in 2020. KEY FINANCIAL HIGHLIGHTS FOR THE GROUP COMPARED TO THE SAME PERIOD IN 2020 • Net profit of QAR 602.7 million, up by 50.0%. • Normalized operating income of QAR 1,086.5 million, up by 8.4% (+28.0% on reported basis). • Operating profit of QAR 795.0 mil- lion, up by 8.8%. • Normalized cost to income ratio of 26.8% (reported 31.5%), de- creased from 27.1% (reported 19.5%). • Strong capital adequacy ratio of 18.3% compared to 16.6% in March 2020. • Gross provisions of QAR 275.3 million, up by 28.7% mainly on account of higher provisions on NPL customers. This was offset by recoveries resulting in net provi- sions on loans and advances to customers at QAR 212.5 million, up by 12.9%. • Total assets of QAR 163.1 billion, up by 11.4%. • Customer loans and advances of QAR 99.4 billion, up by 12.0%. • Successfully issued international AT1 of USD 500 million in March 2021. • “Best Bank in Qatar 2021” award from the Global Finance interna- tional magazine. • The “Serving Business Owners” and the “Data Management and Security” awards in Private Bank- ing and Wealth Management in Qatar for 2021 from Euromoney. • S&P revised outlook to “Positive” indicating the possibility of an up- grade in the next 12 – 24 months. Sheikh Abdulla bin Ali bin Jabor Al Thani, Chairman of the Board of Di- rectors of Commercial Bank, said: “Commercial Bank is privileged to have been able to support Qatar, its people and the economy through the challenges of the COVID-19 pan- demic. We implemented several measures to ease the financial stress on our clients such as postponing loan installments and interest pay- ments, providing corporates and SMEs in affected sectors with conces- sionary interest rates and being one of the largest participants in the Na- tional Response Guarantee Pro- gramme. “We are committed to contributing to the success of Qatar by offering in- novative world-class banking solu- tions in the country. During the the BANKING EXECUTIVE 14 ISSUE 148 APRIL 2021 THE COMMERCIAL BANK ANNOUNCES NET PROFIT OF QAR 602.7 MILLION FOR THE QUARTER ENDED 31 MARCH 2021