The vision of Commercial Bank (CB) is to be the leading bank in Qatar with the world’s best client experience, innovation in products and digital capability, Commercial Bank Chairman Sheikh Abdulla bin Ali bin Jabor Al Thani has said.
Addressing the bank’s Ordinary and Extraordinary General Assembly Meetings on Wednesday, Sheikh Abdulla said, “We have made good progress in achieving this vision as we come to the end of our first five-year strategic plan 2017 to 2021, reporting a record net profit for 2021.”
Looking to the future, he said, “We believe we will achieve the full potential of Commercial Bank under our new strategic plan 2022 to 2026, and we will continue our commitment to supporting Qatar’s national development in line with the Qatar National Vision 2030.”
During the meetings, shareholders of the bank approved all items on the agenda including the board’s recommendation to distribute a cash dividend of QR 0.16 per share, equivalent to 16 percent of the nominal share value.
Commercial Bank reported a record net profit of QR2.3 billion for 2021, an increase of 77.1 percent as compared to QR1.3 billion for the same period in 2020.
The bank’s loans and advances to customers increased by 1.3 percent to QR98 billion in 2021 compared with QR96.7 billion in 2020. The increase was mainly in the commercial, services and government public sectors.
The bank’s customer deposits increased by 8.1 percent to QR82 billion in 2021, compared with QR75.8 billion in 2020.