Qatar · Delayed Price · Currency is QAR The Commercial Bank (P.S.Q.C.) Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw resilient performance with net profit of QAR 501.4 million, stable NIM at 2.2%, and strong capital ratios, despite higher provisions due to regional risks. Strategic execution and digital initiatives advanced, with no change to financial targets or dividend guidance.
Fiscal Year 2025
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Net profit declined year-over-year due to higher provisions and tax accruals, but core income and assets grew, with strong retail and wholesale lending. Strategic focus is on digital transformation, resolving legacy exposures, and maintaining robust capital and dividend policies.
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Net profit declined year-over-year due to lower net interest income and higher provisions, but retail and fee income grew. Cost of risk will remain elevated through 2027, with normalization expected from 2028. 2025 guidance is withdrawn pending a new strategy update in Q1 2026.
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Net profit for H1 2025 declined year-over-year due to lower net interest income, higher costs, and losses at the Turkish subsidiary, but core domestic business remained strong. Guidance for cost of risk and loan growth was maintained, with potential tax relief pending regulatory changes.
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Q1 2025 profit declined due to Turkish subsidiary losses and a new global tax, but core profit rose 2% excluding these. Loan growth was strong, NIM held at 2.2%, and capital ratios improved. Turkish operations are being restructured, with breakeven targeted by year-end.
Fiscal Year 2024
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Net profit reached a record QAR 3,032 million, up 1% year-over-year, with strong recoveries and improved capital ratios, despite a loss in Turkey due to hyperinflation. Loan growth and NIM are expected to align with GDP in 2025, and the dividend payout increased to 40%.
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Net profit rose 2.8% on a restated basis, with strong retail growth and improved cost-to-income ratios, but results were impacted by hyperinflation in Turkey and lower FX income. Capital ratios strengthened, and guidance for 2024 remains intact.
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First half 2024 net profit rose 1.1% year-on-year to QAR 1,571 million, with loan growth at 3.2% and NIM stable at 2.7%. Capital ratios improved, cost-to-income fell, and domestic fee income grew, while Turkey operations faced headwinds from hyperinflation and FX volatility.