Commercial Bank Discloses Its Financial Statements for The 1st Quarter of 2017

April 19, 2017

The Commercial Bank disclosed its financial statements for the period ended on 31.3.2017. The statements show that the net profit is QR 91.226 million compared to net profit amounting to QR 288.115 million for the same period of the previous year.

Earnings per Share (EPS) amounted to QR 0.24 for the period ended March 31, 2017 to EPS amounted to QR 0.85 for the same period of the previous year.

The Group's Comment

Commercial Bank's operational income dropped by 4.2% to QR885.5 million in the first quarter of 2017, including QR598.6 million of interests.  Expenses rose by 20.7% to 840.2 million, including QR 189.3 million as staff cost, down by 17%. The bank lost QR484.8 million as result of decline of loans and financial investments.  Adding its share of profit in other joint projects, deducting taxes, then profit attributable to shareholders falls by 68.3% to 91.2 million. Comprehensive income fell to 181.9 million, compared to QR 418.9 million in the same period last year.