Commercial Bank of Qatar registered a record net profit for the year 2012, up 7 percent, to QAR 2,012 million compared with QAR1,884 million achieved in 2011. The profit for the fourth quarter of 2012 at QAR 447 million was up 19 percent compared with the fourth quarter of 2011. The bank's Board of Directors is recommending a cash dividend payout of 74 percent of net profit which equates to QR6 per share. The bank's total assets up 12 percent to QAR 80.0 billion. Customer loans and advances up 17 percent at QAR48.6 billion. Customers' deposits up 9 percent to QAR41.4 billion. Earnings per share were QAR8.13 compared with QAR7.71 Abdullah Bin Khalifa Al Attiyah, Chairman of the Board of Directors, said “2012 has been another difficult year for the world economy with slower growth in emerging markets and established economies remaining subdued. Against this backdrop, the Qatar economy has continued to grow. Credit demand has been dominated by the public sector with continuing low levels of demand from the private sector. However the bank has successfully grown its lending and diversified revenue streams to deliver a record profit for the full year.
Qatar's economy is expected to be driven by the government's spending program in 2013 and it is well positioned to support the future economic growth of Qatar and to deliver ongoing value to its shareholders.” Hussain Al Fardan, the bank's Managing Director, added “the bank has successfully achieved strong earnings in a challenging operating environment. The bank has protected its core business in 2012 whilst delivering alternative sources of income. Our asset quality remains strong and we remain both well capitalized and funded to target growth sectors of the economy in the year ahead.” Net operating income increased by 4 percent to QAR2.98 billion for the year, up from QAR2.86 billion achieved in 2011. – SG
