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Commercial Bank Net Profit Rose to QR855
Million in 1st Half of 2018
July 19, 2018
Commercial Bank Group’s net profit amounted
to QR855 million, an increase of 376% compared to QR180 million
for the same period last year, while the bank’s earnings per
share amounted to QR2.11 for the period ended 30/6/2018, versus
QR0.45 for the same period of 2017.
The Group’s Comments:
Commercial Bank’s net income from its
activities in the first half of 2018 increased by 3.7% to
QR1832.7 million, but expenses diminished by 33.3% to QR1,066.1
million (this decrease was due to a reduction in loan losses by
half or QR428 million). After adding the share in profits of
other companies worth QR86.5 million, the net profit for this
period doubled several times to settle at QR855.1 million. In
terms of comprehensive income, there were currency differences
and fair value losses of QR532 million. As a result, the
comprehensive income decreased to QR323 million, compared to
QR332.6 million recorded in the corresponding period of 2017.
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