Financial Times publication 'The Banker' has named Commercial Bank as the ‘Best Performing Bank in Qatar for 2020’ based on its 2019 financial results.
Featuring in The Banker’s Top 100 Arab Banks rankings for 2020, Commercial Bank tops Qatar’s biggest banks’ list ranked by performance.
With a reported net profit of QR2.02bn in 2019 compared to QR1.67bn in 2018, a cost to income ratio of 28.3% reduced from 33.4%, and total assets of QR147.5bn, up by 9.3%, Commercial Bank registered significant growth in the local market and was awarded the ‘Best Performing Bank’ in the country.
Commercial Bank’s GCEO Joseph Abraham, Commercial Bank’s GCEO commented: “The excellent results for 2019, including the highest net profit achievement in the history of the bank, demonstrate the strong execution of our five-year strategic plan. While 2020 has been challenging, we continue to support our customers and have delivered a sustainable set of earnings for the first half of the year.”
The Banker’s best performing banks selection and rankings incorporate a number of categories and indicators. Commercial Bank scored high across all indicators including leverage, growth, profitability, operational efficiency, asset quality, return on risk, liquidity and soundness.
This year, Commercial Bank’s excellence in managing Covid-19 related issues and its leadership in Digital Banking innovation has been recognised through several awards such as Euromoney’s ‘Excellence in Leadership in the Middle East’ award, The Banker Award for ‘Innovation in Digital Banking’ in the Middle East, Finance Monthly magazine’s ‘CFO Award’, The Asian Banker’s ‘Best Digital Bank in Qatar’ and seven awards for “significant product and financial innovation and leadership” from Global Finance Middle East 2020.
