Commercial Bank Outlook Upgraded by “Fitch”
and “Moody’s”
August 05, 2018
Global credit rating agencies Fitch and Moody’s have upgraded
the outlook of Commercial Bank to “Stable” and affirmed the
long-term issuer default ratings (IDR) at ‘A’ (Fitch) and ‘A3’
(Moody’s), reflecting the strength of Qatar’s economy and the
banking sector.
Qatar has demonstrated strong financial performance despite the
economic boycott by three GCC neighbors for over a year. Moody’s
expects no change in the capacity of the government to support
the country’s banks. Commercial Bank has also maintained strong
asset quality, capital and liquidity buffers.
Commercial Bank’s Group Chief Executive Officer Mr. Joseph
Abraham said, “This news reflects the commitment by Qatar’s
government to maintain the resilience and stability of Qatar’s
banking system, with Qatar emerging from the boycott stronger
than it was before. Commercial Bank is closely aligned with the
strategic economic objectives of the nation and we are well
positioned to benefit from Qatar’s continued economic growth.”
Mr. Abraham continued, “Commercial Bank is in the second year of
our five year strategic plan to reshape our business and the
execution of our plan is clearly evident in significantly
improved bottom line performance. Commercial Bank reported a
consolidated operating profit of QR1.21 billion and a net profit
of QR855 million in our H1 2018 financial results, representing
a 12% and a 376% increase over the same period last year
respectively.”
|