Doha, Qatar: The Commercial Bank (P.S.Q.C.) (“the Bank”), its subsidiaries and associates (“Group”) announced yesterday its financial results for the year ended 31 December 2024.
The Group reported a net profit of QR3,032.1m, compared to the prior year’s reported net profit of QR3,010.2m, representing a 0.7 percent increase. The result underscores the consistent strides we continue to make in our journey of growth and innovation.
The Board of Directors proposed a dividend distribution to shareholders of QR0.30 per share i.e. 30 percent of the nominal share value. The financials and proposed dividend distribution are subject to Qatar Central Bank approval and endorsement by shareholders at the Bank’s Annual General Meeting.
Sheikh Abdulla bin Ali bin Jabor Al Thani, Chairman, said: “In 2024, Commercial Bank had a positive year, making steady progress in executing its strategic plan while further strengthening its financial position. S&P affirmed the Bank’s credit rating at A-/Stable/A-2, reflecting its solid capitalization and the support provided by Qatari authorities, recognizing the Bank’s high systemic importance in Qatar. This affirmation underscores the Bank’s financial stability and its key role in the national economy. We remain focused on maintaining this momentum, ensuring continued financial stability, and delivering long-term value for our stakeholders.”
Hussain Ibrahim Alfardan, Vice Chairman, said: “Commercial Bank achieved notable progress in 2024, driven by Qatar’s robust economic performance and our focus on sustainable growth. We maintained a strong operational foundation, with disciplined cost management and consistent growth across key segments. Our commitment to sustainability took centre stage this year, marked by the successful issuance of our inaugural Green Bond, raising CHF 225 million to fund impactful green projects in Qatar. These efforts earned us the prestigious “Best Green Financing Initiative” and “Sustainable and Green Bank of the Year in Qatar” from the Asian Banker, reflecting our leadership in advancing sustainable finance and environmental responsibility.”
Joseph Abraham, Group Chief Executive Officer, commented: “Commercial Bank delivered a strong and steady performance in 2024, successfully aligning with our strategic objectives and achieving positive financial outcomes. The Bank reported a consolidated net profit of QR3,032.1m, reflecting a 0.7 percent year-on-year increase, driven by lower operating cost, lower net provisions and improved performance from our associates. Our subsidiary in Turkey incurred a loss of QR85.2m in 2024 after hyperinflationary accounting which negatively impacted the 2024 results by 2.8 percent .
Total Assets as at 31 December 2024 reached QR165.8bn, an increase of 0.9 percent from 31 December 2023. Debt securities rose to QR10.7bn as the Bank diversified its funding sources. Furthermore, the generation of diversified customer deposits helped to increase customer deposits by 0.6% to reach QR77.0bn from QR76.5bn at 31 December 2023.
Net profit for the year ended 31 December 2024 reached QR3,032.1m, an increase of 0.7 percent compared to 2023. The overall growth in reported profitability was driven mainly by lower operating cost, lower net provisions and improved performance from our associates.
The Group’s Common Equity Tier 1 (CET 1) Ratio as at 31 December 2024 reached 12.3 percent. The Capital Adequacy Ratio (CAR) as at 31 December 2024 stood at 17.2 percent, underlining strong capital accretion. These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel III requirements.
