Doha, Qatar: The Commercial Bank and its subsidiaries (the “Group”) announced yesterday its financial results for the six months ended 30 June 2026.
The Group reported Net Profit before Pillar Two Tax of QR1,083.0m for H1 2026. The year-on-year movement in profit was supported by resilient operating performance in the first half of 2026. Net Operating Income increased by 9.4% year-on-year to QR2,459.4m, driven by increases in net interest income and fee income. This was offset by higher net provisions in the first half 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 QR28.2m from Alternatif Bank after the impact of hyperinflation accounting. Overall balance sheet growth year-on-year was supported by an increase in loans and advances to customers as well as an increase in customer deposits.
The Group remains focused on the disciplined execution of the next phase of its strategy, announced in January 2026 for the period from 2026 to end 2030. The Retail and Wealth business continued to build momentum, supported by higher fee income and continued to strengthen its advisory-led wealth proposition through enhanced digital capabilities, supporting deeper penetration of the mass affluent and private banking customer segments.
On a normalized basis excluding the Long-Term Incentive Scheme (LTIS) related movements, the adjusted Net Profit before Pillar Two Tax for the six months ended 30 June 2026 is QR1,107.8m. The Group also accrued a charge of QR69.3m for BEPS (Base Erosion and Profit Shifting) Pillar Two Tax. This resulted in Net Profit after Pillar Two Tax excluding LTIS of QR1,038.5m for the period.
Sheikh Abdulla bin Ali bin Jabor Al Thani, Chairman, said, “The first half of 2026 demonstrated the resilience of Qatar’s economy and the strength of Commercial Bank’s foundations. Against a complex and volatile regional backdrop, the Group maintained disciplined stewardship and continued to serve customers without material disruption. Our priorities remain centred on sound governance, balance-sheet resilience and the careful execution of our strategy to create sustainable long-term value in alignment with Qatar National Vision 2030.”
Omar Hussain Alfardan, Vice Chairman and Managing Director, said, “During the first half, we remained focused on the execution of our strategic priorities. In Retail Banking, we deepened retail and wealth relationships while protecting the strength of our core businesses across cards, employee banking and remittances. In Wholesale Banking, we strengthened our transaction banking proposition, with external recognition for our cash management and payment-processing capabilities reflecting the strength of our platform and service standards. The senior management appointments announced in the second quarter further enhance the leadership capabilities required to deliver the next phase of our strategy and develop Qatari talent.”
Stephen Moss, Group Chief Executive Officer, commented, “The Group delivered resilient operating momentum in the first half, with Net Operating Income increasing by 9.4% and Operating Profit by 7.9%. The domestic franchise remained solid, underlying lending grew, and Alternatif Bank returned to operating profitability. Reported profit was affected by higher provisioning as we apply a more balanced approach across the year, consistent with prudent risk management and IFRS 9.
Our focus for the remainder of the year remains clear: disciplined execution of next phase of our strategy for the period 2026 to 2030.”
Total assets as at 30 June 2026 reached QR184.5bn, an increase of 1.4% from 30 June 2025. This is mainly driven by an increase in investment securities and by an increase in Investment in associates. Investment securities increased by 15.4% to reach QR41.3bn, with the Group investing in high-quality market securities that support sustainable and recurring income.
Net loans and advances to customers excluding acceptances of QR98bn reflects a growth of 3.6% from 30 June 2025.
Customer deposits increased by 1.8% to QR85.1bn. Low-cost deposits increased by 1.6% to QR35.5bn and represented 42% of the total customer deposit mix. Furthermore, other borrowings increased by 15.9% to QR28.4bn. The Group reported consolidated Net Profit after Tax of QR1,013.7m for the six months ended 30 June 2026, including a BEPS Pillar Two Tax charge of QR69.3m and a reported post hyperinflationary accounting loss of QR28.2m for Alternatif Bank.
Net Interest Income increased by 14.4% to QR1,841.6m, and net fee and com-mission-based income increased by 3.5% to QR509.3m which included one-off fees.
