Gulf Commercial Bank of the Gulf disclosed its financial results for the period ending on September 30, 2020, as its net profit reached 544 million Qatari riyals, an increase of 9% compared to the same period last year, and these results reflect an increase in the bank’s operating income thanks to the growth of assets and the effective management of profit margins. His Excellency Sheikh Hamad bin Faisal bin Thani Al Thani, Chairman and Managing Director, said: “Al Khaliji finished the third quarter of the year with an increase in profits compared to the same period last year thanks to the tireless efforts made by the work team during this difficult and challenging period in order to continue In providing the best for all bank dealers. “
Commenting on the financial performance of the third quarter of 2020, Mr. Fahad Al Khalifa, Group CEO, said: “We are pleased to record a 9% growth in the bank’s profits on an annual basis, thanks to the increase in the bank’s operating income and the growth of its balance sheet. within the Qatari market primarily and take advantage of the opportunities favorable with continuing profit margins management effectively.
while we were working on income growth thoughtfully operational, we stayed keen also to control operating expenses at the group level effectively, leading to improved cost to income ratio.
in At the end of the first half of 2020, we announced our intention to enter into talks about a possible merger with Masraf Al-Rayan. Work is underway regarding securing the requirements for a possible merger between the two banks, according to a specific timetable, and we are keen to inform the public and investors of any material development in this the operation.
The difficult economic conditions that prevailed in the wake of the Corona epidemic remain the biggest challenge ahead of us in 2020, but thanks to our solid capital base, good liquidity, adequate allocations and effective management of expenses, we have all the ingredients to meet the challenges.