Clarification of The Commercial Bank's (P.S.Q.C.) results for the quarter ended 31 March 2024

The Commercial Bank (P.S.Q.C.) (“the Bank”), its subsidiaries and associates (“Group”) announced today its financial results for the quarter ended 31 March 2024. The Group reported a net profit of QAR 801.6 million representing a 6.7% increase as compared to last year’s reported net profit of QAR 751.3 million for Q1 2023, which was restated to QAR 577.3 million for the same period in 2023.

We have restated the Q1 2023 numbers due to the restatement of the year-end 2023 financial statements for the underlying derivative on the share option performance scheme. Accordingly, the current Q1 2024 figures provided are compared with the previous year restated numbers.