(The Group’s Comments) Commercial Bank Net Profit Up by QR 431.07 Million in Q1 2019

April 17, 2019

Profits: The bank’s profits amounted to QR 431.1 million in this past quarter, an increase of 6.50% compared to QR 404.7 million in the first quarter of 2018, while its earnings per share reached QR 1.07 versus QR 1.00 for the corresponding period of 2018.

Operating Income: decreased by 2.11% to QR 899.75 million in the first quarter of 2019 compared to QR 919.19 million for the same period of 2018. This decrease is due to the drop in the net interest (interest payables/receivables) of approximately 12%, which stood at QR580.65 million in the first quarter of 2019, compared to QR 659.23 million in the same period of 2018. Interest Payable increased by QR 243 million or 32%, while Interest Receivable climbed by about QR165 million or 11.6%.

Comprehensive Income: Commercial Bank recorded valuation profits of QR 43.4 million for the first quarter of 2019, compared to a loss of QR 201.8 million for the same period of 2018.

Assets: Loans and advances decreased by 1.0% compared to the end of 2018. In contrast, deposits increased by QR 10 billion or 14% to QR 81.6 billion, compared to QR 71.3 billion by the end of 2018, which led to an improvement in the ratio of loans to deposits to 104.4% compared to 117.4% in 2018.