The Commercial Bank of Qatar (Q.S.C.) Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Recommends Dividend
January 28, 2013 at 10:07 pm IST
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The Commercial Bank of Qatar (Q.S.C.) announced earnings results for the fourth quarter and full year ended December 31, 2012. The company reported profit for the fourth quarter of 2012 at QAR 447 million was up 19% compared with the fourth quarter of 2011.
The company reported net profit for the year, up 7%, to QAR 2,012 million compared with QAR 1,884 million achieved in 2011. Net operating income increased by 4% to QAR 2.98 billion for the year ended 31 December 2012 up from QAR 2.86 billion achieved in 2011. Net interest income was QAR 1.87 billion for the year ended 31 December 2012, 4% lower than in 2011, reflecting growth in lending to customers offset by a reduction in the net interest margin to 2.95% in 2012 from 3.46% in 2011.
The company also announced that the Board of Directors is recommending, for approval at the Annual General Assembly, a cash dividend payout of 74% of net profit which equates to QAR 6 per share.
Commercial Bank PSQC, formerly Commercial Bank QSC, is a Qatar-based financial institution that provided banking solutions. The Bankâs operations are structured into two business segments: the Wholesale banking segment provides s a range of conventional commercial and investment banking services and products to large, medium and small enterprises, including corporate lending, trade finance, syndicated loans, deposits, letter of credit and guarantees, and the Retail Banking segment provides conventional retail banking services and products to retail customers in Qatar, including current and deposit accounts, wealth management, mortgage lending, personal and vehicle loans and credit card and other card services. The Bank operates through a network of nearly 29 full services branches and 152 automated teller machines (ATMs). In addition, the Bank owns and operates Diners Club franchises in Qatar and Oman.