By Pratap John/Chief Business Reporter
Commercialbank hopes to win its share of business that will be awarded in Qatar in the next 10 months as part of national development, Group CEO Andrew C Stevens has said.
The bank, Stevens said, is “very much positioned” to play a major part in supporting Qatar’s economic development at all levels – from the government all the way down to the small and medium enterprises (SMEs).
“We are ready. We are funded, liquid and have the correct risk management protocols in place. We have the people, branches… we have everything. Commercialbank has invested for this moment,” Stevens said in an interview with Gulf Times yesterday.
Commercialbank has “repositioned itself” specifically to capture those growth opportunities that are now “very much inherent” in this major period and the “next imminent” period of growth in the economy, Stevens said.
On Commercialbank’s retail expansion, Stevens said, “Our population is growing, it is getting more affluent. The population is also becoming more demanding. We have to ensure that we meet those future demands. We have been investing in our franchise. You will hear more about our innovative products and services.”
Commercialbank has plans to add more branches in Qatar in the first half of 2012. The premier bank’s branches are now being developed at Khertiyat and Mesila. Another one is coming up on The Pearl-Qatar.
“A couple of other branches are also being planned within the first half of next year,” Stevens had said earlier.
Commercialbank is building a brand new branch at Wakrah, which will also house its new training academy.
On Commercialbank signing a $455mn term loan with a club of seven regional and international banks earlier this month, Stevens said, “Funding is an ongoing requirement. We have constant requirements to meet new demand for liquidity and also to repay existing liquidity. So, in that respect raising funds in the market – something which you are going to see continuously- is not going to be a one-off event.
“All banks have to be obviously very concerned about their ability to diversify funding as well as raise longer-term funding. That’s what we have been doing at Commercialbank in the last five to six years. So there is nothing unusual about it,” Stevens said.
Commercialbank posted a record net profit of QR1.88bn in 2011, up 15% on 2010, driven by “strong core earnings and solid contributions” from its overseas associates.
The bank’s total assets grew 14% to QR71.5bn in December 2011 with lending to customers up 24% to QR41.6bn. Customers’ deposits grew 14% to QR38bn in spite of the “tightening of liquidity and the outflow of Islamic deposits” as a result of the closure of the bank’s Islamic Banking business.
