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31/01/2018 06:25 AST
Commercial Bank of Qatar is pushing to increase lending to state-run companies as the government presses ahead with infrastructure projects to counter the impact of the Saudi-led boycott against the country.
"We have historically been under weight in the public sector and this is something we are remedying very quickly," chief executive officer Joseph Abraham said in an interview with Bloomberg TV after Qatar's third-largest bank by assets posted a 20% increase in profit in 2017, helped by a jump in loans and advances.
Projects related to the 2022 soccer World Cup and efforts to become more self-sufficient to blunt the effect of the Saudi boycott have created opportunities for the bank, he said. Saudi Arabia, the UAE, Bahrain and Egypt cut ties and closed transport routes with the country in June.
The bank's loan book expanded 14% last year, compared with 8% for the entire sector, Abraham said.
Abraham said the bank was having "strong discussions" with Tabarak Investment to sell its stake in Abu Dhabi-listed United Arab Bank after extending talks for the sale for the second time on Monday.
If talks conclude successfully, the lender will deploy its capital in Qatar and Turkey, where "we see an opportunity to grow business into a significant contributor to profits over the next three years," he said.
Gulf Times
23/04/2025
Commercial Bank, a leader in innovative digital banking solutions in Qatar, was recognised with 'Best in-class Straight Through Processing (STP) Rates' by JP Morgan for Payments and Commercial & Trea
Gulf Times
19/04/2025
Commercial Bank, a leader in innovative digital banking solutions in Qatar, has officially launched CB Analytics Academy Program. This specialized program has been designed for nationals seeking to e
The Peninsula
16/04/2025
Commercial Bank, a leader in innovative digital banking solutions in Qatar, in collaboration with Microsoft, hosted the first DHL4SMEs workshop on digital and financial strategies for SMEs at Commerc
The Peninsula
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29/04/2025
China's state-run Sinopec said on Monday it had signed an agreement with a unit of Saudi Aramco to establish a joint venture company aimed at operating ports, transporting crude oil, and providing ot
Asharq Al Awsat
29/04/2025
Gulf Bank has officially released its Fifth Annual Sustainability Report for the year 2024, titled "From Vision to Execution", highlighting the Bank's advancements in sustainability in line with Kuwa
Kuwait Times
29/04/2025
In an interview with CNBC International, Shaikha Al-Bahar, Deputy Group Chief Executive Officer of National Bank of Kuwait (NBK) affirmed the Group's commitment to maintaining excellence and fosterin
Kuwait Times
29/04/2025
Borouge today announced a series of strategic asset expansion projects to accelerate its growth, contributing annually between $165 million and $200 million (AED600 million - AED730 million) in EBITD
Trade Arabia
29/04/2025
Saudi developer Emaar, The Economic City has signed final agreements with four local banks to reschedule SR3.39 billion ($904 million) in existing debt and secure a new credit facility.
In a
Arab News
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