Commercial Bank’s ordinary general assembly last night elected its board of directors for the next three years and approved the BoD’s recommendation for distribution of 20% cash dividend (of the share’s nominal value) to shareholders.
The board members for the next three years elected by Commercial Bank shareholders are; Sheikh Abdulla bin Ali bin Jabor al-Thani; Alfardan Investment represented by Hussain Alfardan; HE Abdulrahman bin Hamad al-Attiyah; Omar Hussain Alfardan; QIC (represented by HE Khalaf Ahmed al-Mannai); HE Saleh Abdulla al-Mannai; Sheikh Faisal bin Fahad bin Jassim al-Thani (independent); Mohamed Ismail Mandani al-Emadi (independent) and HE Bader Omar al-Dafa (independent).
Following the ordinary general assembly, a meeting of the board of directors was held and Sheikh Abdulla bin Ali bin Jabor al-Thani was elected as chairman, Hussain Alfardan as vice chairman and Omar Alfardan as managing director of Commercial Bank.
The ordinary general assembly held at the Commercial Bank Plaza approved all items on the agenda including the board of director’s recommendation to distribute a cash dividend of 20% of the share’s nominal value.
In 2019, Commercial Bank Group posted a net profit of QR2.02bn, which was the “highest financial achievement” in its 45-year history.
As of December 2019, Commercial Bank had a robust financial position, with total assets of QR147.5bn and a capital adequacy ratio of 16.4%. The Bank enjoys strong credit ratings of (A3) from Moody’s, (A) from Fitch, and (BBB+) from Standard & Poor’s.
Incorporated in 1974 as the first private bank in the country, Commercial Bank is today one of the leading financial institutions in Qatar with a profitable track record since inception.
Expanding its geographical footprint, Commercial Bank is the 100% owner of Alternatif Bank in Turkey and has strategic partnerships with the National Bank of Oman and United Arab Bank.
These strategic alliances enable Commercial Bank to offer integrated services across the region, including cross-border services for corporate banking and capital markets, trade services for corporate banking customers, private banking services and syndicated loans in its alliance markets.
The bank continues to play an important role in driving innovation and raising service standards in banking across the region through its investment in new technology, a clear focus on customers and prudent management. Commercial Bank’s country-wide network included (as of December 2019) 29 full service branches, 173 ATMs and seven cheque book printing machines, and it also owns and operates the exclusive ‘Diners Club’ franchise in Qatar and Turkey.
Qatar Stock Exchange-listed Commercial Bank was the first Qatari bank to list its Global Depository Receipts on the London Stock Exchange. Commercial Bank’s bonds issuances are listed on the Irish Stock Exchange and the Swiss Exchange.