The Commercial Bank of Qatar recorded 158.7 million ($43.5 million) net profits for the year 2002. The bank witnessed good growth in nearly every aspect of its business last year with loans and deposits rising strongly by 15.5 percent and 20.4 percent respectively.
Total Assets were up by 17.9 percent and operating income, before provisions and expenses, also rose to record levels of QR 361 million. Net profit was pegged back by the need to set aside additional provisions of principal and interest for non-performing or poor quality debts, but was still at an all time high.
A dividend of 25 percent of the issued capital and a bonus share of 25 percent is to be recommended to the Annual General Assembly of shareholders meeting scheduled for March 23. The issue and distribution of bonus shares to existing shareholders will have the effect of increasing the bank's capital to QR 296.6 million.
The Commercial Bank of Qatar has total assets exceeding six billion Qatari riyals, 14 branches/sales offices, 37 ATM's, six deposit machines, Internet home banking and the largest EFTPOS network in the country. Moody's, the Global Credit Rating agency, has rated the bank highest in financial strength for six consecutive years. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
