Commercial Bank of Qatar posts 17% second quarter profit increase

The Doha-based Commercial Bank of Qatar has had a profitable second quarter of 2015, posting a net profit rise of more than 17 percent over the same time period last year.

The bank saw a net profit of nearly $289 million over the first half of 2015, which translates to 4 percent rise in net operating income.

The profit increase has been driven by more customer deposits, which are up by 7 percent, as well as a rise in the bank’s total assets that are up 6 percent. Commercial Bank’s total assets are now worth nearly $33 billion.

The bank’s growing operating income and assets have allowed Commercial Bank to increase customer loans and advances by more than 4.5 percent to approximately $20 billion.

Abdullah bin Ali bin Jabor Al Thani, chairman of the board of directors of Commercial Bank, said growth in the Qatari economy overall is a major factor in the bank’s success in the first half of 2015.

"Our non-oil sector continues to grow, stimulated by the construction, tourism and hospitality sectors; and we see this continuing to grow with increased investment and spending by the government,” Al Thani said. “The Commercial Bank's performance over the first half of 2015 gives us confidence for our full year performance."