Commercial Bank Outlook Upgraded by Fitch and Moody's

Doha, August 04 (QNA) - Global credit rating agencies Fitch and Moody's have upgraded the outlook of Commercial Bank to Stable and affirmed the long-term issuer default ratings (IDR) at 'A' (Fitch) and 'A3' (Moody's), reflecting the strength of Qatar's economy and the banking sector. Commercial Bank's Group Chief Executive Officer Joseph Abraham said, "Commercial Bank is in the second year of our five year strategic plan to reshape our business and the execution of our plan is clearly evident in significantly improved bottom line performance. Commercial Bank reported a consolidated operating profit of QAR 1.21 billion and a net profit of QAR 855 million in our H1 2018 financial results, representing a 12 percent and a 376 percent increase over the same period last year respectively." Commercial Bank has total assets of QAR 139.9 billion as at 30 June 2018. As a full service commercial bank, the Bank offers a full range of corporate, retail and investment banking services as well as owning and operating the exclusive Diners Club franchise in Qatar. The Bank's countrywide network includes 29 full service branches and 174 ATMs. (QNA)