Doha, Qatar: The Commercial Bank and its subsidiaries (the “Group”) announced yesterday its financial results for the nine months ended September 30, 2026.
The Group reported Net Profit before Pillar Two Tax of QR1,644.1m for nine months 2026. The year-on-year movement in profit was supported by resilient operating performance in the nine months of 2026. Net Operating Income increased by 2.9% year-on-year to QR3,568.3m, driven by increases in net interest income. This was offset by higher net provisions in the nine months of 2026 due to a more balanced approach of loan provisioning across each quarter and increased operating expenses as the Group continued to invest in digital capabilities including AI and people. The results also include a reported loss of QR46.5m from Alternatif Bank after the impact of hyperinflation accounting.
The Group’s balance sheet stood at QR183.6bn as at 30 September 2026, declining by 4.4% year-on-year. Despite the overall decline, the Group continued to record growth in key asset categories, with growth in loans and advances to customers and investment securities growing.
The Group remains focused on the disciplined execution of its strategy, announced in January 2026 for the period from 2026 to end 2030. The Retail and Wealth business continued to perform strongly, supported by higher fee income and continued to build upon its advisory-led wealth proposition through enhanced digital capabilities, supporting deeper penetration of the mass affluent and private banking customer segments. In Wholesale Banking, lending growth remained selective and focused on higher-return customer segments, while continuing to deepen cross-sell opportunities. The Group also continued to enhance its digital offerings and deploy AI and automation to improve customer engagement, service delivery and productivity.
The associates performed well as the Group continues to work closely with them in the execution of their strategies. Performance of our Turkish subsidiary Alternatif Bank improved year on year at operating profit level however, the results continue to be impacted by hyperinflation accounting, as the Group continues to apply International Accounting Standard 29 (IAS 29) given that Turkey remains a hyperinflationary economy.
These results reflect a more balanced approach of loan provisioning consistently throughout the year, as opposed to the historic practice of taking a significantly larger charge in the fourth quarter. This approach is in line with IFRS 9 and prudent risk management.
The Group also accrued a charge of QR104.7m for BEPS (Base Erosion and Profit Shifting) Pillar Two Tax. This resulted in Net Profit after Pillar Two Tax of QR1,539.4m for the period.
Sheikh Abdulla bin Ali bin Jabor Al Thani, Chairman, said, “In the nine months of 2026, Commercial Bank continued to navigate a challenging operating environment with discipline and resilience. The Group continues to benefit from sound governance, a strong balance sheet and prudent management of risk and capital. As we progress with the execution of our 2026 - 2030 strategy, our focus remains on strengthening the Bank for sustainable, profitable growth and creating long-term value for our shareholders, customers and the wider economy, in alignment with Qatar National Vision 2030.”
Omar Hussain Alfardan, Vice Chairman and Managing Director, said, “We continued to advance the execution of our strategy, with a focus on deepening client relationships and strengthening our core businesses. In Retail and Wealth Banking, we enhanced our premium offering through the refreshed Sadara proposition and advanced our digital wealth capabilities, supported by external recognition for our wealth management franchise and digital innovation in cards and payments. In Wholesale Banking, our priorities remained focused on higher-return client segments and strengthening transaction banking relationships."
“We were also honoured by the Ministry of Labour with the Excellence Award for Leadership Skills Development, reflecting our commitment to developing Qatari talent and building the leadership capa
bilities required to deliver the next phase of our strategy.”
Stephen Moss, Group Chief Executive Officer, commented, “The Group delivered a resilient
performance in the nine months to 30 September, with Net Operating Income increasing by 2.9%. Operating Profit remained broadly stable, while reported profit reflected higher provisioning, increased
operating expenses and lower non-interest income. The domestic franchise remains strong, supported by underlying lending growth, while Alternatif Bank returned to operating profitability.
Our priorities remain clear: disciplined growth, prudent risk and cost management, and progressing towards a more balanced earnings mix. We will continue to strengthen core customer relationships and invest in technology and customer propositions as we execute the 2026–2030 strategy.”
Total assets as at 30 September 2026 reached QR183.6bn, a decrease of 4.4% from 30 September 2025. This is mainly driven by a decrease in due from banks, which was partially offset by higher loans and advances to customers and higher investment securities Investment securities increased by 5.1% to reach QR41.3bn, with the Group investing in high-quality securities.
Net loans and advances to customers excluding acceptances of QR100.7bn reflects a growth of 6.3% from 30 September 2025.Customer deposits decreased by 3.0% to QR83.1bn.
Low-cost deposits increased by 3.6% to QR31.4bn and represented 37.8% of the total customer deposit mix.
