15.07.2015, 14:45
Commercial Bank discloses its financial statements for the 1st half of 2015
OREANDA-NEWS. The
Commercial Bank
Q.S.C.
(“Commercial B
ank” or “the Bank”)
and its
subsidiaries and associates
announced today its
financial results for
six
months
to
3
0
Ju
ne
2015
. The
Bank delivered
a net profit of QAR
5
89
million for
the second quarter
2015
an increase of
17.3%
compared to the second quarter 2014, and a 27% increase compared to the first quarter 2015.
The
B
ank reported a net profit of QAR 1,052 million for the first half of 2015
as compared to QAR 1,051
million for the same period in 2014
.
Key financial highlights compared to the same period in 2014
Net operating income up 4 % to QAR 2,075 million
Net profit of QAR 1,052 million
Total assets up 6 % to QAR 119 .1 billion
Customer loans and advances up by 4.6 % to QAR 7 2.6 billion
Customers’ deposits up 7 % to QAR 64. 1 billion
Earnings per share of QAR 2.95
His Excellency Sheikh Abdullah bin Ali bin Jabor Al Thani, Chairman of the Board of Directors of Commercial Bank said, “The Qatar economy continues to show strong growth momentum in 2015. Our non - oil sector continues to grow, stimulated by the construction , tourism and hospitality sectors and we see this continuing to grow with increased investment and spending by the Government. The Commercial Bank’s performance over the first half of 2015 gives us confidence for our full year performance.”
Financial Performance
Mr. Hussain Al Fardan, Commercial Bank’s Vice Chairman and Managing Director added, “Commercial Bank has built a solid foundation during the first half of 2015 with the second quarter results showing good consistency despite the increasing leve ls of competition in our markets and the impact of the Turkish Lira on our reported results. Commercial Bank delivered a strong performance this quarter, supported by an increasingly strong economy and our Associates continued to play an important role, d elivering a 18 % increase in quarterly profit growth. This has enabled Commercial Bank to deliver a 27 % increase in net profit of QAR 5 89 million compared with the first quarter of 2015.”
Net operating income increased by 4 % to QAR 2,075 million for the half - year ended 30 June 201 5 , up from QAR 1,995 million achieved in the same period in 2014.
Net interest income was QAR 1,252 million for the half - year ended 30 June 2015, 1.6 % lower than the same period of 2014 , mainly due to a reduction in asset yields at AlternatifBank (“ABank ”). Net interest margin decreased marginally to 2.52 % as compared to the first quarter of 2015 at 2.59 %.
Non - interest income was up by 14 % to QAR 822 million for the half - year ended 30 June 201 5 compared with QAR 722 million . The overall increase in non - interest income was due to higher net fee and commission income , higher foreign exchange gain s and profit on sale of certain properties , which was partially offset by lower income from investments securities.
Total operating expenses were down by 0.6% at QAR 823 million for the half - year ended 30 June 2015 compared with QAR 828 million for the same period in 2014.
The Bank’s net provisions for loans and advances were QAR 376 million for the half - year ended 30 June 2015 up 46% from QAR 257 million for the same period in 2014. Consequent to the settlement of a large real estate non performing loan ( NPL ), t he NPL ratio has reduced to 3.40 % at 30 June 201 5 compared with 4.12 % at the end of J une 2014 and the coverage ratio increased to 86.7 % as at 30 June 2015 compared to 63.1 % as at 30 June 2014.
Impairment provisions on the Bank’s investment portfolio reduced to QAR 12 million for the half - year ended 30 June 2015 compared with QAR 29 million for the same period in 2014 .
Commercial Bank delivered balance sheet growth of 6 % at the end of June 2015 with total assets at QAR 119.1 billion, compared to QAR 112.4 billion at the end of June 2014 . Balance sheet growth was driven mainly by an increase of QAR 3.2 billion in lending to customers .
Key financial highlights compared to the same period in 2014
Net operating income up 4 % to QAR 2,075 million
Net profit of QAR 1,052 million
Total assets up 6 % to QAR 119 .1 billion
Customer loans and advances up by 4.6 % to QAR 7 2.6 billion
Customers’ deposits up 7 % to QAR 64. 1 billion
Earnings per share of QAR 2.95
His Excellency Sheikh Abdullah bin Ali bin Jabor Al Thani, Chairman of the Board of Directors of Commercial Bank said, “The Qatar economy continues to show strong growth momentum in 2015. Our non - oil sector continues to grow, stimulated by the construction , tourism and hospitality sectors and we see this continuing to grow with increased investment and spending by the Government. The Commercial Bank’s performance over the first half of 2015 gives us confidence for our full year performance.”
Financial Performance
Mr. Hussain Al Fardan, Commercial Bank’s Vice Chairman and Managing Director added, “Commercial Bank has built a solid foundation during the first half of 2015 with the second quarter results showing good consistency despite the increasing leve ls of competition in our markets and the impact of the Turkish Lira on our reported results. Commercial Bank delivered a strong performance this quarter, supported by an increasingly strong economy and our Associates continued to play an important role, d elivering a 18 % increase in quarterly profit growth. This has enabled Commercial Bank to deliver a 27 % increase in net profit of QAR 5 89 million compared with the first quarter of 2015.”
Net operating income increased by 4 % to QAR 2,075 million for the half - year ended 30 June 201 5 , up from QAR 1,995 million achieved in the same period in 2014.
Net interest income was QAR 1,252 million for the half - year ended 30 June 2015, 1.6 % lower than the same period of 2014 , mainly due to a reduction in asset yields at AlternatifBank (“ABank ”). Net interest margin decreased marginally to 2.52 % as compared to the first quarter of 2015 at 2.59 %.
Non - interest income was up by 14 % to QAR 822 million for the half - year ended 30 June 201 5 compared with QAR 722 million . The overall increase in non - interest income was due to higher net fee and commission income , higher foreign exchange gain s and profit on sale of certain properties , which was partially offset by lower income from investments securities.
Total operating expenses were down by 0.6% at QAR 823 million for the half - year ended 30 June 2015 compared with QAR 828 million for the same period in 2014.
The Bank’s net provisions for loans and advances were QAR 376 million for the half - year ended 30 June 2015 up 46% from QAR 257 million for the same period in 2014. Consequent to the settlement of a large real estate non performing loan ( NPL ), t he NPL ratio has reduced to 3.40 % at 30 June 201 5 compared with 4.12 % at the end of J une 2014 and the coverage ratio increased to 86.7 % as at 30 June 2015 compared to 63.1 % as at 30 June 2014.
Impairment provisions on the Bank’s investment portfolio reduced to QAR 12 million for the half - year ended 30 June 2015 compared with QAR 29 million for the same period in 2014 .
Commercial Bank delivered balance sheet growth of 6 % at the end of June 2015 with total assets at QAR 119.1 billion, compared to QAR 112.4 billion at the end of June 2014 . Balance sheet growth was driven mainly by an increase of QAR 3.2 billion in lending to customers .
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