Commercial Bank of Qatar was established in 1975 as the first private bank in Qatar.
The bank has been profitable in every year since its foundation and has paid dividends annually. The company offers a range of corporate, retail and investment services through a network of 13 branches and over 30 ATMs.
It has supported the government’s strategy for industrial development and diversification of the economy away from oil by financing many big infrastructure projects.
The bank’s net profit for 2008 was $467m, an increase of 22.4 percent compared to the year ended Dec 31, 2007. Net profit was impacted by the global financial crisis and the need to take provisions of $127.7m for impairment on the investment portfolio.
Last month the bank sold its share portfolio worth $258m to the Qatari government to beef up its balance sheet through the financial crisis. The country’s third-largest lender said in a statement that it had the right to repurchase the entire portfolio, or any part of it after 12 months and within five years.