DOHA: Commercial Bank revealed its aggressive expansion plans, which include opening up of up to six new branches and installing scores of new ATMs at different strategic locations in Qatar, according to a senior official of the bank.
“We are looking forward to expanding our operations in Qatar as well as overseas, including opening up several new branches and many additional ATMs in the country,” said Abdullah Saleh Al Raisi, bank’s CEO, adding, “the Bank is also exploring investment opportunities outside Qatar.”
Al Raisi, speaking to The Peninsula on the sidelines of the Bank’s Annual General Meeting (AGM) yesterday, added: “We are thinking very seriously about expanding our scope on the international front, which may include acquisitions, new branches and other types of investments.”
Commenting about the impact of oil crisis on the bank’s operations in the coming years, Al Raisi said: “I am not saying that we will not be affected at all, but at the same time I am expecting the prices to rebound. We have gone through more difficult times than now. So I am confident that the government will handle it in a much more professional way than before.”
Earlier the shareholders of the Company approved all the agenda of the meeting, including the direct issue of unlisted instruments of up to a maximum amount of $1bn (QR3.6bn) that shall be eligible as Additional Tier 1 Capital and/or Tier 2 capital in accordance with Basel norms, and in compliance with the instructions of the Qatar Central Bank.
The AGM also approved the Board’s recommendation to a combination of a cash dividend of QR3.5 per share and the issue of one bonus share for every 10 held.
Commercial Bank had reported a net profit of QR1.9bn for the year ended December 31, 2014, up 20.9 percent compared to QR1.6bn in 2013. The Earnings Per Share (EPS) amounted to QR5.93 in 2014 compared to QR5.40 in 2013.
The shareholders also gave the nod for two important amendments in the Articles of Association that will allow Non-Qatari investors to own 49 percent of the total of the Company’s share capital, and the other one was concerning the legal name of the Company to change it from “The Commercial Bank of Qatar (Q.S.C.)” to “Commercial Bank (Q.S.C.)”.
Net operating income of the company increased by13.6 percent to QR3.9bn for the year ended 31 December 2014, up from QR3.4bn achieved in 2013.
