The Commercial Bank of Qatar (CBQ) recently announced net profits of 101.1 million Qatarti rials ($27 million) for the year 2001. Loans and deposits rose by 12.4 percent and 2.6 percent respectively, and total assets were up by 2.8 percent, stated a bank press release.
A dividend of 25 percent of the issued capital, equivalent to QR 49.4 million and a 20 percent bonus share is to be recommended to the bank’s General Assembly. While interest income fell by 6.3 percent to QR 328.5 million, the bank was able to reduce interest expense by 29 percent to QR 169.9 million. Other income climbed 30 percent to QR 130.8 million on the back of several returns on the Bank’s investment portfolio.
The Commercial Bank of Qatar was established in 1975, as the first wholly owned private commercial bank in Qatar. The bank has total assets exceeding five billion Qatari rials, 13 sales offices, 34 Automated Teller Machines (ATM), Internet Home Banking and the largest Point of Service (POS) network in the country. — (menareport.com)
© 2002 Mena Report (www.menareport.com )