Commercial Bank of Qatar Annual Report 2024

FY2024 Annual Report · Commercial Bank of Qatar
Loading PDF…
50 Yeas Stong
The Golden Age of
Commercial Bank
ANNUAL REPORT 2024


His Highness
Sheikh Tamim Bin Hamad Al Thani
Amir of the State of Qatar
His Highness
Sheikh Hamad Bin Khalifa Al Thani 
Father Amir

As we mark the monumental occasion of 
our Bank’s 50th anniversary, we not only 
celebrate a remarkable half-century of 
achievements but also the strategic vision 
that has propelled us since our inception up 
until this signiﬁcant milestone.
The success we celebrate reﬂects the 
resilience, commitment, and strategic 
acumen of our team. Throughout these 
ﬁve decades, we have adeptly navigated 
evolving market conditions and embraced 
technological advancements, consistently 
ensuring that our services are at the cutting 
edge of the industry. Our journey has been 
deﬁned by an unyielding commitment to 
providing exceptional value to our clients 
and stakeholders.
As we commemorate our achievements, it is 
essential to recognize that our mission is far 
from complete. With the same pioneering 
spirit that has deﬁned our past, we are well-
positioned to navigate the future with 5 core 
pillars anchored in our strategy:
• Corporate Earnings Quality
• Client Experience
• Compliance
• Culture
• Creativity & Innovation
The golden age of 
Commercial Bank
50 years strong
Throughout the years, Commercial Bank 
has embraced innovation as a driving force, 
leveraging the digital era while remaining 
committed to community progress. By 
seamlessly integrating cutting-edge 
technologies into its strategy, the Bank has 
enhanced accessibility to advanced ﬁnancial 
solutions.
As we embark on this new chapter, we 
do so with a profound sense of pride and 
responsibility. The achievements of the past 
ﬁfty years have laid a robust foundation, 
and we eagerly anticipate the opportunities 
that lie ahead. United in our eﬀorts, we 
will persist in leading with vision, driving 
innovation, and striving for excellence in 
every pursuit.
cbq.qa
4

About Commercial Bank
8
Business at a glance 
11
Forward looking statements 
14
Financial highlights 
20
Key highlights 
21
Chairman’s message 
24
Board of Directors 
26 
Vice Chairman’s message 
30
Group Chief Executive Oﬃcer’s message 
32
Management review of operations 
36
Annual Corporate Governance Report 2022 
64
Sustainability 
67
Independent Auditor’s Report
74
Consolidated Statement of Financial Position 
79
Consolidated Statement of Income 
80
Consolidated Statement of Comprehensive Income 
81
Consolidated Statement of Changes in Equity 
82
Consolidated Statement of Cash Flows 
86
Notes to the Consolidated Financial Statements 
88
Supplementary Information 
187
Content
ANNUAL REPORT 2 024
5


We are enablers of change, walking in the 
footsteps of our founding fathers.
is set
Ourvision
on the future

Incorporated in 1974 as the ﬁrst private bank in 
the country, Commercial Bank is today one of the 
leading ﬁnancial institutions in Qatar with a proﬁtable 
track record since inception. We continue to play 
an important role in driving innovation and raising 
service standards in banking across the region 
through our investment in new technology, a clear 
focus on customers and prudent management. 
Our country-wide network includes 28-location-
strong physical network, a cornerstone of 
Commercial Bank’s distribution approach, and 311 
ATMs, and we also own and operate the exclusive 
‘Diners Club’ franchise in Qatar and Turkey. We are 
listed on the Qatar Exchange and were the ﬁrst 
Qatari bank to list its Global Depository Receipts 
on the London Stock Exchange. Commercial 
Bank’s bonds issuances are listed on the Irish Stock 
Exchange and the Swiss Exchange (SIX).
Commercial Bank is committed to helping support 
the development of Qatar’s economy and future 
sustainability in line with the goals of the economic 
pillar of the Qatar National Vision 2030. The Bank’s 
vision is to be ‘The Best Bank in Qatar’ based on the 
foundation of its values or 5 Cs. Corporate Earnings 
Quality, Client Experience, Creativity and Innovation, 
Culture, and Compliance.
Expanding its geographical footprint, Commercial 
Bank is 100% owner of Alternatif Bank in Turkey and 
has strategic partnerships with the National Bank of 
Oman (NBO) and United Arab Bank (UAB). 
These strategic alliances enable Commercial Bank to 
oﬀer integrated services across the region, including 
cross-border services for corporate banking 
and capital markets, trade services for Corporate 
Banking customers, private banking services and 
syndicated loans in all our alliance markets. 
Our continual investment in technology and people, 
together with our strong capital base, provides a 
solid foundation for further growth. Commercial 
Bank has a robust ﬁnancial position, with total assets 
of QAR 165.8 billion and Net proﬁt of QAR 3,032.1 
million as at 31 December 2024. The Bank enjoys 
strong credit ratings of ‘A’ rating with a Stable outlook 
by Fitch, and ‘A-’ rating with a stable outlook by S&P 
and ‘A2’ rating with a Stable outlook by Moody’s.
True to our pioneering origins and history of 
success, we are dedicated to supporting Qatar’s 
economic development and social infrastructure 
through Corporate Social Responsibility 
programmes and sponsorship of various events, 
which help to raise Qatar’s proﬁle internationally.  
Our business segments
Wholesale Banking: Provides a range of 
conventional commercial and investment banking 
services and products to large, medium and small 
enterprises, including corporate lending, trade 
ﬁnance, syndicated loans, deposits, letter of credit 
and guarantees.
Retail Banking: Provides a full suite of conventional 
retail banking services and products to retail 
customers in Qatar, including current and deposit 
accounts, wealth management, mortgage lending, 
personal and vehicle loans and credit card and other 
card services. 
About Commercial Bank
cbq.qa
8

Subsidiaries
Alternatif Bank: A fully owned subsidiary in 
Turkey providing its customers in the corporate, 
commercial, and retail banking segments with 
high value products, services, and solutions. 
Alternatif Bank has a wide distribution of 
branches in Turkey and works closely with its 
counterparts in Commercial Bank to implement 
best international practice and continue to realise 
synergies.
Commercial Bank Financial Services LLC: 
A fully owned subsidiary that provides direct 
access to the Qatar Exchange, online trading, and 
brokerage services.  
CBQ Finance Limited: A fully owned subsidiary 
incorporated in Bermuda and organised as 
a special purpose entity established to raise 
capital for Commercial Bank by issue of debt 
instruments.
CB Global Trading Limited: A fully owned 
subsidiary incorporated in Cayman Islands, an 
issuing vehicle for derivatives.
CB Innovation Services LLC: A fully owned 
subsidiary incorporated in Qatar under the Qatar 
Financial Centre Authority providing the Bank with 
operations management services.  
CB Asset Management LLC: A fully owned 
subsidiary incorporated in Qatar under the Qatar 
Financial Centre Authority established to provide 
asset management services.
CB Real Estate Properties LLC: A fully owned 
subsidiary incorporated in Qatar under the Qatar 
Financial Centre Authority providing the Bank with 
advisory services in relation to property. 
CB Leasing Company LLC: A fully owned subsidiary 
incorporated in Qatar under the Qatar Financial 
Centre Authority that leases and subleases 
properties in Qatar.
Associates and a Joint Venture
National Bank of Oman (S.A.O.G.): Established 
in 1973 and operates via ﬁve main segments: retail 
banking, corporate banking, investment banking, 
treasury and international banking, and Islamic 
banking. National Bank of Oman’s shares are listed 
on the Muscat Stock Exchange (MSX). 
United Arab Bank (P.J.S.C.): Established in 1975 
and provides corporate banking, retail banking, 
trade ﬁnance, SME banking and treasury services. 
United Arab Bank is headquartered in Sharjah and 
its shares are listed on the Abu Dhabi Securities 
Exchange (ADX).
Massoun Insurance Services LLC: A joint 
arrangement entity that provides tailored corporate 
and personal insurance products to the Bank’s 
customers.
ANNUAL REPORT 2 024
9

cbq.qa
10

Our voyages 
Business at a Glance
1974
Commercial Bank is incorporated as Qatar’s ﬁrst 
private sector bank
1975
The Bank begins operations under a management 
services contract with Chase Manhattan Bank
1981
The contract with Chase Manhattan Bank oﬃcially ends 
and Commercial Bank is fully independent
1987 A new Commercial Bank 1987 head oﬃce opens on 
Grand Hamad Street
1990 ATMs are introduced in Qatar by Commercial Bank
1991
Commercial Bank acquires the Diners Club franchise 
for Qatar
1992 Point-of-sale machines are introduced in Qatar by 
Commercial Bank
1997 A dedicated Customer Call Centre is established
2005  Commercial Bank forms a strategic alliance with 
National Bank of Oman
2006 Commercial Bank signs an agreement to become the 
title sponsor for the Qatar Masters Golf Tournament
2008 First Qatari bank to list GDRs on the London Stock 
Exchange
2009 Commercial Bank Plaza, the new headquarters of 
Commercial Bank, is opened on 13 May 2009 by H E 
Sheikh Hamad bin Jassim bin Jaber Al-Thani, Prime 
Minister and Minister for Foreign Aﬀairs of Qatar
2011
Incorporates Commercial Bank Investment Services 
(re-branded to become Commercial Bank Financial 
Services)
2013 Commercial Bank acquires 74.24% shareholding in 
Alternatif Bank in Turkey
2015 Commercial Bank celebrates its 40th anniversary 
milestone as Qatar’s ﬁrst private bank
2016 Commercial Bank signs a debut USD 166 million 3-year 
Ninja loan facility – the ﬁrst Ninja loan for a GCC ﬁnancial 
institution Commercial Bank successfully completes 
the acquisition of the remaining 25% shareholding in 
Alternatif Bank
2017
Commercial Bank incorporates CB Innovation Services 
LLC, a management operation services captive entity 
that has successfully on-shored previously outsourced 
activities
2018 Commercial Bank receives ‘Best Bank in Qatar’ award 
from Global Finance, ‘Best Remittance Service’ and 
‘Best Cash Management Bank’ in the Middle East from 
the Asian Banker
2019 Commercial Bank embraces a new era of digitization 
by launching ‘CB Fawri’, ‘CB Wallet’, and ‘SWIFT GPI’. 
Commercial Bank successfully upgrades its Mobile App 
and widens its digital infrastructure
2020 Commercial Bank launches a number of digital ﬁrsts 
such as CB Household Worker PayCard; CB Smart 
Payroll; CB Pay; and CB Pay for Merchants. The Bank 
also receives more than 12 prestigious awards from 
international and regional awarding bodies and shines 
in innovation and digital banking
2021 Spearheading the digital innovation scene in the 
country, and more particularly in the ﬁnancial and 
banking sector, Commercial Bank achieved the “Best 
Bank” award in Qatar from two renowned awarding 
bodies, Global Finance and Euromoney. 
2022 During the year of the World Cup, Commercial Bank 
wins the ‘Bank of the Year’ award from The Banker.
2023 Commercial Bank’s advanced payment solutions 
enabled the ﬁrst cashierless store to open in Qatar.
2024 Commercial Bank celebrates its 50th golden 
anniversary.
ANNUAL REPORT 2 024
11

We stand at the forefront of the new digital era, 
ushering in limitless possibilities. 
We gave
inovaion
a voice


This document contains certain forward-looking statements 
with respect to certain plans and current goals and 
expectations of Commercial Bank and its associated 
companies relating to their future ﬁnancial condition and 
performance. 
These forward-looking statements do not relate only to 
historical or current facts. By their nature forward-looking 
statements involve risk and uncertainty because they relate 
to future events and circumstances including a number of 
factors which are beyond Commercial Bank’s control. 
As a result, Commercial Bank’s actual future results may 
diﬀer materially from the plans, goals and expectations set 
forth in Commercial Bank’s forward-looking statements. 
Net  
Proﬁt
Earnings  
per Share
 Loans and  
Advances
Customer  
Deposits
Total  
Assets
QAR 3,032 million
QAR 0.71
QAR 91.5 bn
QAR 77.0 bn
QAR 165.8 bn
Any forward-looking statements made by or on behalf 
of Commercial Bank are made in the context of the time 
of publication of this report. Commercial Bank does not 
undertake to update forward looking statements to reﬂect 
any changes in Commercial Bank’s expectations with regard 
to any changes in events, conditions or circumstances on 
which any such statement is based. 
The information, statements and opinions contained in 
this presentation do not constitute a public oﬀer under any 
applicable legislation, or an oﬀer to sell or solicitation of an 
oﬀer to buy any securities or ﬁnancial instruments or any 
advice, or recommendation with respect to such securities 
or other ﬁnancial instruments.
3,032
NET PROFIT (QAR MILLION)
Forward Looking Statements
cbq.qa
14

Net Operating Income
Net Interest Income 
73%
Net Income from 
Investment Securities 
6%
Other Operating Income
3%
Net Fee and 
Commission Income
20%
Net Foreign Exchange 
loss
-2%
ANNUAL REPORT 2 024
15

Customer Deposits
46%
Other Borrowed Funds
21%
Due to Banks and  
Financial Institutions 
13%
Shareholders’ Equity
16%
Other Liabilities 
4%
Funding Mix
cbq.qa
16

Legal Reserve
38%
Share Capital
15%
Instruments Eligible for 
Additional Capital (AT1)
22%
Risk Reserve
9%
Retained Earnings
21%
Other Reserves
-5%
Shareholders’ Equity
ANNUAL REPORT 2 024
17

Services
23%
Real Estate
22%
Government and 
Related Agencies
17%
Commercial
16%
Industry
7%
Personal
11%
Contracting
2%
Others*
2%
*includes Non-banking ﬁnancial institutions
Loans & Advances
cbq.qa
18

Loans & Advances to 
Customers
55%
Investment Securities
20%
Cash and Balances 
with Central Bank
4%
Other Assets
7%
Due from Banks
12%
Investment in Associates 
and Joint Arrangement
2%
Total Assets
ANNUAL REPORT 2 024
19

In QAR million, except per share amounts 
and as stated otherwise
2024
2023
2022
2021
2020
Net interest income
3,317
3,867
3,963
3,702
3,100
Net operating income
4,556
5,489
5,294
5,101
4,237
Net proﬁt 
3,032
3,010
2,811
2,304
1,301
Total assets
165,813
164,376
168,902
165,464
153,606
Loans and advances to customers
91,480
91,490
98,016
98,003
96,698
Basic/diluted earnings per share in QAR
0.71
0.71
0.66
0.50
0.27
Dividends declared per ordinary share 
including bonus shares in QAR
0.30
0.25
0.25
0.16
0.10
Closing market price per ordinary share in 
QAR (at year end)
4.35
6.20
5.00
6.75
4.40
Book value per ordinary share in QAR
6.54
6.03
5.97
5.95
5.48
Long-term debt
35,465
34,166
27,786
31,004
27,233
Shareholders’ equity 
26,489
24,406
24,171
24,073
22,170
Return on average shareholders’ equity
11.9%
12.3%
12.0%
10.0%
5.9%
Return on average assets
1.8%
1.8%
1.7%
1.4%
0.9%
Capital adequacy ratio
17.2%
14.9%
17.3%
18.1%
17.8%
Full-time employees
2,300
2,301
2,233
2,308
2,304
Financial Highlights
cbq.qa
20

• Net proﬁt of QAR 3,032.1 million, up by 0.7%.
• Total assets of QAR 165.8 billion, up by 0.9% from 
December 2023.
• Loans and advances to customers remained 
stable at QAR 91.5 billion.
• Customer deposits of QAR 77.0 billion, up by 
0.6% from December 2023.
• Strong capital adequacy ratio at 17.2% (post 
adjusting for proposed dividends).
• Total equity of QAR 26.5 billion, up by 8.5% from 
December 2023.
• S&P aﬃrmed Commercial Bank’s rating at A-/
Stable/A-2.
• Received the prestigious “Best Green Financing 
Initiative” award and “Sustainable and Green Bank 
of the Year in Qatar” award from the Asian Banker.
 0.7%
 8.5%
NET PROFIT OF  
QAR 3,032.1 MILLION,  
UP BY 0.7%
TOTAL EQUITY OF  
QAR 26.5 BILLION,  
UP BY 8.5%
Key Highlights
ANNUAL REPORT 2 024
21


We strive to safeguard the word we live in by 
making transactions eﬃcient and eco-friendly.
to thrive
Wesustain
today,
tomorow.

Chairman’s Message
I am pleased to present to you Commercial Bank’s Annual 
Report for the year ended on 31 December 2024.
The global economy remained resilient in 2024, although 
there were signiﬁcant diﬀerences in the strength of 
activity between countries and sectors. Among advanced 
economies, the US grew at an above-average rate, while 
growth was much weaker in Europe. Headline inﬂation eased 
in most countries throughout 2024 supported by restrictive 
monetary policies, but it remains more persistent than 
anticipated. The IMF expects global growth to remain stable 
yet underwhelming in 2025, and geopolitical tensions are 
among a number of risks that could hamper global growth.
Qatar’s GDP growth is projected at 2.0% in 2024 and is 
well positioned for 2025 and the medium-term, supported 
investment related to the North Field Expansion and a 
signiﬁcant increase in LNG production. Qatar’s country credit 
ratings have been upgraded, with Fitch moving from AA- to 
AA’ with stable outlook, Moody’s from Aa3 to Aa2 with stable 
outlook, and S&P from AA- to AA with stable outlook. The 
improvement in the country’s credit rating conﬁrms the 
strength and stability of the Qatari economy, which increases 
the country’s attractiveness to foreign investments and 
contributes to reducing the cost of borrowing for the country 
and the institutions operating within it.
Abdulla Bin Ali Bin Jabor Al Thani
Chairman
cbq.qa
24

The Government continues to develop Qatar’s business 
environment and accelerate structural reforms. The Qatar 
Central Bank’s policies guided by the Third Financial Sector 
Strategy have helped safeguard banking sector stability. The 
launch of the Third National Development Strategy (NDS3) 
in 2024 outlines a set of ambitious targets, including an 
average economic growth of 4%, attracting US $100 billion 
in foreign direct investment, and leadership in business 
and digital competitiveness by 2030. Commercial Bank 
will continue to provide our unwavering support in the 
development process of the ﬁnancial sector and broader 
national development objectives in line with the Qatar 
National Vision 2030 to build a knowledge-based, private 
sector-led, and sustainable economy.
On behalf of the Board of Directors, I would like to express 
our thankfulness and gratitude for the visionary leadership 
of His Highness the Amir Sheikh Tamim Bin Hamad Al 
Thani. Under the leadership of His Highness, Qatar is well 
positioned to continue its successful development path and 
growth trajectory. I also want to convey our appreciation 
for the guidance and support we have received from His 
Excellency the Prime Minister and Minister of the Foreign 
Aﬀairs and His Excellency the Governor of Qatar Central 
Bank.
2024 was a special year for Commercial Bank as it marked 
our 50th anniversary. The values, entrepreneurial drive, 
and innovative spirit of our founders continue to shape 
Commercial Bank’s vision today, which is to be the leading 
bank in Qatar with the world’s best client experience, 
innovation in products and digital capability. 
We have made good progress in achieving this vision as we 
come to the end of the third year of our strategic plan (2022-
2026), reporting record results for the year. Commercial 
Bank, its subsidiaries and associates announced its ﬁnancial 
results for the full year ended on 31 December 2024, and 
the Board of Directors has recommended, for approval at 
the Annual General Assembly on 20 March 2025, a cash 
dividend payout of QAR 0.30 per share. I would like to 
thank the Board of Directors for its continued guidance, 
our employees for their hard work, our customers for their 
loyalty, and our shareholders for their support.
Abdulla Bin Ali Bin Jabor Al Thani
Chairman
ANNUAL REPORT 2 024
25

Board of Directors
cbq.qa
26

1. Sheikh Abdulla bin Ali bin Jabor Al Thani
 
Chairman
2. Mr. Hussain Ibrahim Alfardan
 
Vice Chairman
 
(Representing Alfardan Investment Company)
3. Mr. Omar Hussain Alfardan
 
Managing Director
 
(Representing Al Gassar Capital)
4. HE Mr. Abdul Rahman Bin Hamad Al Attiyah
 
Member
5. Sheikh Jabor Bin Abdulla Bin Ali Al Thani
 
Member
 
(Representing Vista Trading)
6. HE. Mr. Bader Omar Al Dafa
 
Member
7. Mr. Ibrahim Jassim Al-Othman
 
Member
8. Mr. Salem Khalaf Al Mannai
 
Member
 
(Representing Qatar Insurance Company ) 
9. Mr. Mohamad Ismail Mandani Al Emadi
 
Member
10. Mr. Tariq Ahmad Al Malki Al Jehani
 
Member
11. Mr. Mohammed Yaser Al Mosallam
 
Member
4
1
5
2
6
7
3
8
9
10
11
ANNUAL REPORT 2 024
27

We embrace every challenge, rise to every 
occasion, and set new standards of success.
is one of
Our
tack recod
Growth


Vice Chairman’s Message
In 2024, Commercial Bank celebrated its 50th anniversary 
and we can reﬂect with pride on the legacy we have built 
together. Our achievements over 50 years amount to more 
than just ﬁnancial success, as we are committed to playing an 
integral role in Qatar’s broader national development in line 
with the National Vision 2030.
Commercial Bank reported another record set of results for 
the year ended 31 December 2024, with the Group achieving 
a net proﬁt of QAR 3.03 billion for the year, reﬂecting a 0.7% 
year-on-year increase, driven by lower operating costs, 
lower net provisions and improved performance from our 
associates. This is the highest ever net proﬁt achieved by 
Commercial Bank, beating the previous high water mark in 
2023.
While higher market funding costs impacted net interest 
income, we achieved notable growth in core fee income and 
other income, which rose by 12.5%. This increase reﬂects the 
success of our strategic emphasis on diversifying revenue 
streams through Transaction Banking, an expanding card 
portfolio, and a robust performance in Wealth Management. 
These eﬀorts underscore our commitment to adapting to 
market dynamics while delivering value to our clients.
Mr. Hussain Ibrahim Alfardan
Vice Chairman
cbq.qa
30

We remain focused on optimizing our balance sheet, 
achieving a 0.9% increase in total assets. Our proactive 
engagement in debt markets underscores strong investor 
conﬁdence in our ﬁnancial stability and our commitment to 
sustainable growth initiatives. With a robust capital position, 
including a Common Equity Tier 1 ratio of 12.3% and a Capital 
Adequacy Ratio of 17.2%, we continue to support growth 
while maintaining prudent capital levels.
Total assets as of 31 December 2024 reached QAR 165.8 
billion, an increase of 0.9% from 31 December 2023. This 
is mainly driven by improvement in investment securities, 
with the Bank investing in high-quality market securities. 
Loans and advances to customers remained stable at 
QAR 91.5 billion, when compared to year end 2023. Debt 
securities rose to QAR 10.7 billion as the Bank diversiﬁed its 
funding sources. Furthermore, the generation of diversiﬁed 
customer deposits helped to increase customer deposits 
by 0.6% to reach QAR 77.0 billion from QAR 76.5 billion at 31 
December 2023. 
Another important factor driving our performance was 
 the contribution from our international associates, 
National Bank of Oman and United Arab Bank, with our 
proﬁt from share of associates growing. Our subsidiary 
in Turkey incurred a loss of QAR 85.2 million in 2024 after 
hyperinﬂationary accounting. Had Turkey maintained proﬁt 
levels similar to 2023, our proﬁts would have been higher by 
approximately 5%.
Finally, I would like to close by thanking our customers, 
partners, employees and shareholders for their continued 
commitment and support.
Mr. Hussain Ibrahim Alfardan
Vice Chairman
ANNUAL REPORT 2 024
31

Group Chief Executive 
Oﬃcer’s Message
Commercial Bank’s vision is to be the leading bank based 
on the 5Cs of Commercial Bank: Corporate earnings 
quality; Client experience; Creativity and innovation (Digital 
Creativity); Culture; and Compliance, together with a focus on 
best-in-class Transaction Banking. These 5Cs have been at 
the foundation of our strategy since 2017 and 2024 marked 
the third year of our new ﬁve year strategic plan (2022 – 
2026). 
Corporate earnings quality reﬂects the strong execution of 
our strategic plan, with the Bank crossing the landmark net 
proﬁt ﬁgure QAR 3 billion for the second consecutive year. 
This was achieved in a scenario of muted loan growth due 
to elevated interest rates during 2024. Our strategic plan 
remains positioning Commercial Bank for sustainable growth 
in the longer-term by focusing on credit quality, a strong 
risk culture, building new revenue streams and non-lending 
based fee income, together with an emphasis on low cost 
deposits due to the Bank’s market leading Transaction 
Banking initiatives and digital products.
Commercial Bank achieved a signiﬁcant milestone in our 
sustainability journey in 2024 by issuing our debut Green 
Bond for CHF 225 million (Swiss Franc). The issue was the 
largest ever CHF Green bond issued in Qatar, the largest 
CHF issuance out of Qatar since January 2013, and the 
largest CHF Green bond issued out of CEEMEA since 2021. 
The proceeds are expected to be allocated to projects such 
Joseph Abraham
Group Chief Executive Oﬃcer
cbq.qa
32

as sustainable water and wastewater management, green 
buildings and clean transportation, contributing towards 
achieving the goals of Qatar National Vision 2030 and 
Qatar’s National Environment and Climate Change Strategy.
In 2024, we continued to invest signiﬁcantly in our 
technology, branches, corporate premises and people. Our 
investment in technology, together with a targeted focus on 
client experience, creativity, and digital innovation has led 
to Commercial Bank emerging as the leader in Transaction 
Banking in Qatar and an acknowledged digital pioneer. 
In 2024, Commercial Bank received several awards 
underscoring our leadership in digital innovation and its 
impact on client experience. These awards include “Best 
Card Payment Service POS/ATM in Qatar” by International 
Finance; “Best Mobile Banking App” by MEED; “Best Mobile 
Banking App in the Middle East and Best Mobile Banking in 
Qatar” from Global Finance and “Best Remittance Service” by 
MEED.
While Alternatif Bank’s performance was impacted by 
challenges in the Turkish economy, the strong execution of 
our associates’ strategic plans resulted in solid proﬁt share in 
2024 for National Bank of Oman and United Arab Bank.
With the support and guidance of our Board, the 
commitment of our staﬀ, and by continuing to execute our 
strategic plan with the 5Cs as the guiding principles, we look 
forward to continuing to grow our business sustainably in 
2025.
Joseph Abraham
Group Chief Executive Oﬃcer
ANNUAL REPORT 2 024
33

This is the driving force behind 
all our accomplishments.
We
mae i
posible


Management Review of Operations
Financial Results
In 2024, Commercial Bank delivered a net proﬁt of QAR 
3,032.1 million, an increase of 0.7% compared with QAR 
3,010.2 million achieved in 2023. The overall growth in 
reported proﬁtability was driven mainly by lower operating 
cost, lower net provisions and improved performance from 
our associates.
Loans and advances to customers remained stable at QAR 
91.5 billion as at 31 December 2024. On the retail side, we 
see good progress on lending growth which grew by 11% 
year on year.
Our deposits increased by 0.6%, to QAR 77.0 billion as at 31 
December 2024 compared with QAR 76.5 billion in 2023. 
This is mainly driven by increase in current and call deposits. 
Further, low-cost deposits increased by 16.1%, reaching QAR 
29.8 billion.
Investment securities increased by 8.0% to QAR 33.2 
billion as at 31 December 2024 compared with QAR 30.8 
billion in 2023, with the Bank investing in high-quality market 
securities. 
Noman Ali 
EGM, Chief Financial Oﬃcer
Financial Results (QAR million)
2024
2023
Net Interest Income
3,317.2 3,867.3 
Non-Interest Income
1,238.8
1,622.2 
Net Operating Income
4,556.0 5,489.5 
Operating Expenses
(1,273.2) (1,440.8)
Impairment on Loans & Advances
(330.4) (990.7)
(Impairment) / Reversal on Other 
Financial Assets & Other Provision
(136.8)
73.3 
Share of results of Associates
329.7
294.2 
Net monetary losses due to 
hyperinﬂation
(131.8) (335.0)
Income Tax Credit / (Expense)
18.4
(80.2)
Net Proﬁt for the Year
3,032.1 3,010.2 
Operating Expenses (QAR million)
2024
2023
Staﬀ Costs
633.2
771.4 
General and Administrative Expenses
367.0
365.8 
Depreciation and Amortization
273.0
303.7 
Total Operating Expenses
 1,273.2 1,440.8 
cbq.qa
36

Net Operating Income
Commercial Bank’s net operating income reached QAR 
4,556.0 million for the year ended 31 December 2024, a 
decrease of 17.0% compared with QAR 5,489.5 million 
achieved in 2023. This is driven primarily by reduction in our 
net interest income as well as reduction in the FX and Trading 
income line pertaining to Turkey.
Net interest income for the Group decreased by 14.2% to 
QAR 3,317.2 million for the year ended 31 December 2024. 
The main reason being higher cost of funding during the 
year and one-oﬀ item relating to reversal of interest on non-
performing loans.
Non-interest income decreased by 23.6% to QAR 1,238.8 
million for the year ended 31 December 2024 compared 
with QAR 1,622.2 million in 2023 due to movements in FX and 
trading income. The Group’s core net fee and commission-
based income improved year on year by 10.7% supported 
by retail banking fees including cards, wealth management, 
remittances and wholesale banking fees.
Operating Expenses
Total operating expenses decreased at a Group level by 
11.6% to QAR 1,273.2 million for the year ended 31 December 
2024, mainly due to decreased staﬀ related costs, a 
consequence of decline in share price as required by IFRS 2. 
As a result, Group reported cost to income ratio reached 
27.9% compared to 26.2% last year, as we continue to invest 
in people, technology and automation.
Net Provisions for Impairment Losses
In 2024, the Group’s net impairment losses on loans and 
advances to customers decreased to QAR 330.4 million, 
down from QAR 990.7 million in 2023, driven by higher 
recoveries and ECL releases. As of 31 December 2024, the 
Loan Coverage Ratio is  at 82.2% and the ratio of non-
performing loans to gross loans stood at 6.2%, compared 
to 5.9% as of 31 December 2023, primarily due to lower 
gross loan balances as well as from the newly recognized 
NPLs. This approach underscores our ongoing focus on 
maintaining asset quality and reinforcing our commitment to 
long-term ﬁnancial sustainability. 
The Bank sets aside a risk reserve against its lending as part 
of shareholders’ equity. On 31 December 2024, the risk 
reserve was QAR 2,275 million.
Total Assets and Funding
Commercial Bank’s balance sheet increased by 0.9% in 
2024, with total assets at QAR 165.8 billion compared with 
QAR 164.4 billion in 2023. 
Balance sheet is mainly driven by improvement in investment 
securities, with the Bank investing in high-quality market 
securities. The loans and advances to customers remained 
stable at QAR 91.5 billion, when compared to year end 2023. 
Furthermore, the generation of diversiﬁed customer 
deposits helped to increase customer deposits by 0.6% 
to reach QAR 77.0 billion from QAR 76.5 billion as at 31 
December 2023.
Capital
The Group’s capital position remains strong as the Common 
Equity Tier 1 (CET 1) Ratio as at 31 December 2024 reached 
12.3%. The Capital Adequacy Ratio (CAR) as at 31 December 
2024 stood at 17.2%, underlining strong capital accretion. 
These ratios are higher than the regulatory minimum 
requirements of the Qatar Central Bank and Basel III 
requirements.
ANNUAL REPORT 2 024
37

Management Review of Operations continued
Subsidiaries
Alternatif Bank
Alternatif Bank reported net loss of TL 790.9 million (QAR 
85.2 million) for 2024 compared to a net proﬁt of TL 467.5 
million (QAR 83.6 million) in 2023. Although there is an 
improvement in performance with lower operating expenses 
and lower net provisions in QAR terms, the results were 
mainly impacted due to lower FX and trading income as 
Alternatif Bank had higher amount of income under treasury 
money market activities in 2023.
As of 31 December 2024, Alternatif Bank’s total assets stood 
at TL 92.1 billion and lending at TL 45.4 billion. 
Alternatif Bank provides its customers in the corporate, 
commercial and retail banking segments with high 
value products, services and solutions. Alternatif Bank 
has 19 branches widely distributed around Turkey. In 
2024, Alternatif Bank continued to work closely with its 
counterparts in Commercial Bank to implement best 
international practice and continue to realise synergies.  
Commercial Bank Financial Services (L.L.C.)
Commercial Bank Financial Services (CBFS) is a fully owned 
subsidiary of Commercial Bank. CBFS provides direct access 
to the Qatar Exchange and oﬀers seamless online trading 
capabilities for individuals, institutions, corporate and foreign 
counterparties. In addition to its electronic trading platform, 
CBFS is also licensed by Qatar Financial Markets Authority 
to act as Liquidity Provider for certain securities at Qatar 
Exchange. In 2024, CBFS delivered a net proﬁt of QAR 57.8 
million. 
CBQ Finance Limited
A fully owned subsidiary, incorporated in Bermuda to raise 
funding for Commercial Bank by issue of debt instruments.
CB Global Trading Limited 
A fully owned subsidiary, incorporated in Cayman Islands, an 
intermediary vehicle for Derivatives.
CB Innovation Services (L.L.C.)
A fully owned subsidiary, incorporated in Qatar under the 
Qatar Financial Centre Authority providing the Bank with 
operations management services. 
CB Asset Management (L.L.C.)
A fully owned subsidiary, incorporated in Qatar under the 
Qatar Financial Centre Authority established to provide asset 
management services.
CB Real Estate Properties (L.L.C.)
A fully owned subsidiary, incorporated in Qatar under the 
Qatar Financial Centre Authority providing the Bank with 
advisory services in relation to property.
CB Leasing Company (L.L.C.)
A fully owned subsidiary, incorporated in Qatar under the 
Qatar Financial Centre Authority that leases and subleases 
properties in Qatar.
Associates and a Joint Venture
National Bank of Oman (S.A.O.G.)
National Bank of Oman (NBO) achieved a net proﬁt of OMR 
63.1 million, compared with OMR 58.0 million in 2023. 
Operating income increased to OMR 151 million, compared 
with OMR 146 million in 2023.
During 2024, NBO’s loans and advances increased by 12.0% 
to OMR 3.9 billion and customer deposits up 14.4% to OMR 
4.1 billion.
United Arab Bank (P.J.S.C.)
United Arab Bank (UAB) improved its operations and 
achieved a net proﬁt of AED 301.0 million in 2024 compared 
with a net proﬁt of AED 255.3 million in 2023. We continue 
to work closely with UAB management to ensure that UAB 
achieves improved results through implementation of its 
strategic plan.
Massoun Insurance Services (L.L.C.)
Massoun Insurance Services is a Qatari incorporated joint 
venture company between Commercial Bank and Qatar 
Insurance Company. The company provides a range of 
insurance products which have been tailored to meet the 
speciﬁc needs of the Bank’s Retail and Corporate customers. 
cbq.qa
38

Wholesale Banking
Commercial Bank’s Wholesale Banking department oﬀers 
a comprehensive range of ﬁnancial products and leading, 
state-of-the-art solutions and services to local businesses, 
government, and public sector entities, multinationals 
with local presence, in addition to international Corporate 
and Financial Institutions. Along with its subsidiaries and 
associated entities (Alternatif Bank in Turkey, UAB in the UAE 
and NBO in Oman) the Bank works actively to implement a 
coordinated ﬁnancial institutions strategy across the Group, 
utilize credit, trade ﬁnance and other cross-border business 
opportunities throughout the GCC and the wider region, in 
alignment with their shared business objectives. 
Wholesale Banking’s dedicated units provide tailored 
ﬁnancial products to all corporate segments including small, 
medium and large corporates. The department has strong 
and longstanding relationships with leading Qatari entities, 
nurtured over the years through excellent customer service 
innovative digital solutions  and a leading suite of corporate 
products, channels and services including corporate ﬁnance, 
transaction banking, payment solutions, corporate cards, 
cash management,  advisory and wealth management, 
foreign exchange and treasury solutions. 
Business performance
In 2024, Wholesale Banking continued to be the 
signiﬁcant contributor to the Bank’s revenues and 
selective asset growth.  Wholesale Banking continues to 
focus on key strategic priorities such as:
• Growing the asset book selectively and proactively 
de-risking assets in alignment with our robust risk 
framework for sustainable business growth.
• Maintaining focus on government and public sector 
assets.
• Continued focus on maintaining asset quality and 
grow existing proﬁtable relationships.
• Acquiring new mandates of government and public 
sector entities for tailored solutions and services.
• Diversifying revenue streams with continued focus 
on fee-based income through innovation and new 
products.
• Increasing the momentum on Transaction Banking 
growth with a greater lead over competition with 
continued innovation.
Fahad Badar
EGM, Wholesale and 
International Banking
ANNUAL REPORT 2 024
39

Working with Alliance banks
Wholesale Banking supports Turkish companies as well as 
Qatari business in Oman and contributes to the eﬀorts of 
enhancing synergies with our Alliance banks, Alternatif Bank 
and National Bank of Oman, and UAB through cross-selling 
activities. 
Enterprise Banking/SME Banking
Small and Medium Enterprises (SMEs) play a signiﬁcant role 
in the development of our economy and are an important 
sector in Qatar. Wholesale Banking works together with our 
customers to build industry speciﬁc solutions. These include 
technical, digital, and ﬁnancial assistance, building upon the 
360-degree view of our customers. The Bank continues to 
enhance the relationship management model and is focused 
on digital banking innovations and to educate and migrate 
customers to self-service channels. Digital channels have 
given SME customers better control over cash ﬂows and 
provided ﬂexibility to securely transact from the comfort of 
their oﬃces. Wholesale Banking remains committed to the 
empowerment of the SME sector in line with Qatar National 
Vision 2030.
Commercial Bank is actively committed to empowering 
entrepreneurs and supporting the needs of SMEs through 
our dedicated Enterprise Banking team within Wholesale 
Banking. With over 13,000 active SME customers, and 
continuously growing at a high rate of acquisition year on 
year, Enterprise Banking continues to have a leading share 
of the transaction volumes in the local market. The unit stays 
focused on engaging with SMEs across sectors, servicing 
them through innovative digital channels, while maintaining 
dedicated service centres across the country. 
As part of the Bank’s strategic objectives towards digital 
transformation, we continue to roll out innovative solutions 
to provide our SME customers with convenient banking 
experiences.
We aim to empower SMEs by providing them with the tools, 
knowledge, and access to resources they need to thrive in 
today›s competitive business landscape. Through strategic 
partnerships, knowledge workshops we enable SMEs to 
harness their full potential and achieve sustainable success.
In 2024, Wholesale Banking continued to enhance client 
experience and improve service quality through innovative 
banking solutions state-of-the-art technologies,  and 
best-in-market digital banking channels for its corporate 
customers.
Management Review of Operations continued
Commercial Bank team participating in SIBOS
Commercial Bank delegation to the IMF
cbq.qa
40

Transaction Banking
 Wholesale Banking continued to focus on innovation, 
digitization and enhancing client experience. It has expanded 
and enhanced host-to- host (H2H), Point of Sale (POS), 
Payment Gateway and CB Pay for merchant customers, 
Remote Cheque Deposit (RCD), Corporate Internet Banking/
Mobile Banking with 360-degree account view. The Bank’s 
eﬀorts with regards to digitization are also recognized 
by various independent agencies - Global Finance and 
Euromoney. The Bank saw higher utilization of its digital 
channels- over 90% of payments, 99% of salaries and 96% 
of trade transactions are now conducted digitally. 
Transaction Banking solutions enabled customers to 
manage their payments, collections and liquidity needs 
remotely with enhanced management information system 
(MIS) capability. The Bank enabled API-based solutions for 
payments and connectivity between it and its customers 
which enhanced the seamless payment experience. 
The Transaction Banking team continued to demonstrate 
excellence in 2024, building on the multiple prestigious 
awards from esteemed regional and global research 
organizations in 2023 from qualiﬁed regional and global 
research organizations that assess the nominated 
institutions, talent, leadership skills, industry net worth and 
capabilities:
• Leader of Qatar in Digital Solutions and Corporate 
Banking from Euromoney publication. 
• Best Bank for Corporate Banking in Qatar (2022) from 
Euromoney Awards for excellence.
• Best Digital Bank for Trade Finance Services in Qatar 2023 
from The Global Finance.
• Best Corporate Mobile Banking App in Qatar 2023 from 
The Global Finance. 
Some of the other signiﬁcant initiatives and achievements 
are as follows:
• Letters of Credit grew from QAR 3.637 billion in Dec 2023 
to QAR 4.885 billion  in Dec 2024.
• CB share among banks in Qatar in handling Export LC 
is about 9.97 %  by volume. For Import LCs  CB share is 
16.46 % by value and 16.63 % by volume.
• Overall trade transactions handled  increased from QAR 
31.1 billion  in 2023 to QAR 34.9 billion  in 2024.
• The Corporate Trade Portal was relaunched with a host of 
user friendly features tailored to business needs. 
ANNUAL REPORT 2 024
41

• Customized B2B solutions rolled out for large public 
sector conglomerates engaged in Transportation, 
Aviation, Petrochemicals and Exports. 
• The number of remittance payments handled by the Bank 
increased from QAR 4.543 million in 2023 to QAR 5.160 
million in 2024 with the Straight-Through-Processing 
(STP) % increasing from 99.2% to 99.3%
• Direct Debit Solution for seamless bill payments for 
customers unveiled along with Ooredoo. 
• Postdated Cheque Management solution implemented 
for the beneﬁt of the real estate sector, providing control 
of data, remote submission of cheques and custody.
• Bulk credit and reconciliation solution (an in-house 
invoice reconciliation solution) rolled out for customers 
with API connectivity that updates the customer’s ERP for 
auto reconciliation of transactions.
• Corporate Mobile Application enriched with new features 
to conduct all payments and inquiries of bank accounts.
• Multiple structured trade solutions rolled out for leading 
international commodity traders, domestic strategic 
public sector entities and automobile dealers that 
assisted imports in Qatar on an extended credit period.
International Banking 
The International Banking Department  continued to play a 
pivotal role in delivering correspondent banking services, 
corporate cross-border loans, and a wide range of products 
to its client base across ﬁnancial institutions, international 
corporates, sovereigns, non-bank ﬁnancial institutions, and 
high to ultra-high-net-worth family oﬃces outside of Qatar. 
The year marked a continued focus on strengthening our 
international presence, especially in sectors with strong 
ties to Qatar, while maintaining a strategic approach to 
diversiﬁcation in our lending and cross-border activities.
In 2024, our corporate lending strategy remained 
committed to diversiﬁcation, seeking opportunities across 
a range of sectors and markets. Our activities were aligned 
with balance sheet transactions and foreign exchange and 
derivatives, ensuring a balanced and strategic portfolio.
Our cross-border business strategy remained focused on 
prudent diversiﬁcation, emphasizing trade ﬁnance ﬂows, 
relationships with banks, and strategic partnerships with 
large corporates across key regions, including the EMEA 
region, Turkey, and select markets in North America, Asia 
Paciﬁc, and Sub-Saharan Africa. Our trade ﬁnance book 
continued to be low-risk and short-term, with careful activity 
aimed at protecting the Bank’s interests in a volatile global 
environment.
A signiﬁcant highlight of 2024 was our continued 
collaboration with our Alliance bank partners, working 
together to strengthen correspondent banking services, 
credit products, and other cross-border business initiatives. 
This partnership has contributed to synergistic growth 
across the Commercial Bank Group, adding value to our 
overall international business oﬀering.
Looking forward to 2025, our strategic priorities remain 
focused on expanding and enhancing our international 
banking footprint, with several key objectives:
Opportunistic Growth: We will continue to leverage our 
strong network of Alliance banks, driving growth in strategic 
markets and focusing on creating synergies to enhance our 
client oﬀerings. As trade and investment ﬂows increase, we 
see signiﬁcant potential for growth, particularly in emerging 
markets like Asia and Africa, while also expanding into 
developed markets such as the US, UK, and select OECD 
countries to further diversify our portfolio and manage risk.
Structured Finance and Cross-Selling: We plan to 
enhance our value proposition by deepening our capabilities 
in structured ﬁnance, distribution, trade, and treasury. This 
will lead to greater cross-selling opportunities and improved 
portfolio returns for the International Banking unit.
Diversiﬁed Portfolio and Risk Mitigation: As always, we 
will maintain a well-diversiﬁed portfolio in line with the Bank’s 
governance and regulatory standards. We will ensure that 
no large concentrations of risk exist, focusing on securing 
tangible collateral and providing solid security support to 
manage credit risk and navigate potential downturns.
Management Review of Operations continued
cbq.qa
42

Global Funding Initiatives: The International Banking unit 
will continue to support the Bank’s funding needs, leveraging 
our global relationships to assist the Treasury Department in 
diversifying funding sources. We will work to arrange bilateral 
and syndicated loans, expand treasury and corporate 
deposit relationships, and foster stronger ties with regional 
and international sovereign wealth funds, asset managers, 
and non-bank ﬁnancial institutions.
Strategic Partnerships and Development Institutions: 
We will continue to work closely with global trade and 
development institutions, including the ICC Banking 
Commission, SWIFT, the Institute of International Finance, 
and the International Finance Corporation, among others. 
These relationships help us stay at the forefront of global 
banking developments and oﬀer opportunities for growth.
In summary, as we move into 2025, the International Banking 
unit at Commercial Bank remains focused on solidifying its 
position in the global marketplace through diversiﬁcation, 
strategic partnerships, and innovative ﬁnancial solutions. 
We are committed to building on the successes of 2024 and 
delivering long-term, sustainable growth that beneﬁts both 
our clients and the broader Commercial Bank Group.
Commercial Bank Retail Banking 
Our growth-oriented Retail Bank strategy revolves 
around providing world-class experiences for our clients 
throughout every step of their journey. By leveraging 
digital engagement, ﬂagship branches, premium lounges, 
and proactive customer relationships, we strive to exceed 
customer expectations. Our extensive product portfolio 
includes bank accounts, deposits, loans, credit cards, 
insurance, and wealth management services.
The use of advanced analytics has helped us identify and 
cater to the unique needs of our customers and personalize 
their experience with the Bank. This persistent focus on our 
clients aligned with core strategic priorities, will deliver our 
vision to become ‘The Most Proﬁtable Retail Bank in Qatar’.
As a business group, we are fully aligned and committed 
to the Bank’s strategy underpinned by the 5C’s: Corporate 
Earnings Quality, Client Experience, Creativity & Innovation, 
and Culture and Compliance.
Our continuous dedication to creativity and innovation 
has earned us a multitude of awards in the year 2024, 
underscoring our excellence in the digital banking sphere 
and reinforcing the ease and convenience we provide 
for our customers to bank with us. A few highlights of our 
accomplishments encompass:
• “Best Mobile Banking App in the Middle East” award 
from Global Finance.
Shahnawaz Rashid
EGM, Consumer Banking
ANNUAL REPORT 2 024
43

• “Best Mobile Banking in Qatar” award from Global 
Finance.
• “Best Mobile Banking App” award in the Middle East 
from MEED.
• “Best Remittance Service” award in the Middle East from 
MEED.
• “Fastest Growing Credit Card Issuer” in Qatar from 
International Finance.
• “The Best Card Payment Service POS/ATM” in Qatar 
from International Finance.
• Highest spend per account across the region on its 
Mastercard Limited Edition World Elite portfolio 
award from Mastercard
• “Best Green Financing Initiative” from the Asian Banker.
• “Sustainable and Green Bank of the Year” in Qatar 
from the Asian Banker.
• “Best Digital Bank in the Middle East” by World 
Finance.
• “Best Bank in CSR’’ in the Middle East by World Finance
Business Performance
Retail Banking continues to contribute signiﬁcantly to 
Commercial Bank’s overall performance. Built on a strong 
franchise of customer service and innovation, Retail Banking 
has delivered outstanding performance in 2024.
The retail balance sheet demonstrated exceptional strength 
in FY 2024, with the lending portfolio reaching QAR 11.6 
billion and deposits increasing to QAR 21.3 billion.
Branches, Self-Service Machines, and ATM Network 
Transforming Our Distribution Network: A Journey of 
Innovation and Customer-Centricity
We are excited to highlight the evolution and strategic 
importance of our 28 -location-strong physical network 
which continues to evolve as a critical pillar of Commercial 
Bank’s customer-centric approach.
This network is not merely a series of Branches; it represents 
the very heart of how we connect with our customers, 
providing them with seamless access to services and 
personalized ﬁnancial solutions tailored to their unique 
needs.
Innovative and Customer-Focused Transformation
At the forefront of our network are technology enabled 
self-service locations, designed to provide unparalleled 
convenience and autonomy. 
These hubs operate 24/7, enabling customers to complete 
essential banking tasks at their convenience. 
From printing cheque books, debit cards, and credit cards 
in under ﬁve minutes to accessing a full suite of self-service 
solutions, these locations exemplify our dedication to 
empowering customers through innovation.
Management Review of Operations continued
cbq.qa
44

Exclusive Banking at CB Premium Lounges
For customers seeking an elevated experience, our CB 
Premium Lounges stand as the pinnacle of luxury and 
personalized service. 
These exclusive spaces are tailored to meet the 
unique needs of our high-net-worth clients, oﬀering a 
sophisticated environment for bespoke ﬁnancial advice 
and wealth management solutions.
Our expert Relationship Managers deliver customized 
guidance aligned with our premium customers’ ﬁnancial 
aspirations and goals. 
Every detail, from the ambience to the services, reﬂects 
the exclusivity and excellence these lounges represent, 
setting new standards in personalized banking.
The Vital Role of Traditional Branches
While innovation drives much of our network’s evolution, 
our traditional Branches remain a cornerstone of our 
operations, addressing the complex ﬁnancial needs of a 
diverse customer base. 
These Branches act as trusted centers for comprehensive 
ﬁnancial solutions, oﬀering meaningful, personalized 
interactions with our advisors.
Whether assisting with intricate ﬁnancial requirements or 
providing tailored advice, traditional Branches continue 
to play a pivotal role in our mission to deliver exceptional 
customer-centric banking experiences.
Customer journeys in branches have been optimized with 
the implementation of an appointment booking system, 
ensuring reduced wait times and a smoother experience. 
Additionally, branch processes have been largely 
digitized, signiﬁcantly reducing paper usage as part of our 
commitment to sustainability.
A Robust ATM Network
Complementing our physical network is our extensive ﬂeet 
of 312 ATMs strategically located across the nation. 
These machines go beyond conventional cash transactions, 
facilitating bill payments, transfers, and cheque deposits. 
Additionally, an adequate large number of ATM locations 
have other self-service options co-located with them, 
enhancing the eﬃciency and accessibility of our network.
A Uniﬁed Vision
Commercial Bank’s distribution network is a dynamic 
ecosystem, with every Branch, Premium Lounge, and ATM 
contributing to a singular vision: delivering exceptional 
banking experiences tailored to every customer’s needs. 
This ongoing transformation is a testament to our 
commitment to innovation, customer-centricity, and 
excellence in ﬁnancial services.
Customer acquisition 
Customer acquisition is the lifeblood for Retail Banking 
and the Bank has focused on enhancing the numerous 
methods that enable new customers to join the Bank. We 
provide easy-to-apply and digitally enhanced account 
Commercial Bank globally unveils its First Commercial Bank Limited-Edition World Elite Mastercard Credit Card with unique Mastercard gold logo 
ANNUAL REPORT 2 024
45

applications through digital account opening and instant 
fulﬁlment processes. The focus remains on delivering value 
by rightsizing client income segments and strengthening 
acquisition strategies. An enhanced CB@Work proposition, 
along with an exclusive service and sales platform, helped 
establish the Bank as a key originator of expatriate and Qatari 
accounts with the cards proposition at the center in driving 
salary account acquisition. 
To support the network responsible for customer 
acquisition, Retail Banking continued to invest its resources 
to further enhance digital solutions to serve our clients and 
improve turnaround times from account opening to account 
fulﬁlment.
Retail Internet and Mobile Banking
Building on our continued digital success, we stayed focused 
on adding new features and improving services throughout 
2024.
Given the high adoption rate of digitally active customers, 
over 98% of ﬁnancial transactions are now through 
automated channels.
Through the market leading CBQ Mobile App and Internet 
Banking services we oﬀer a wide range of digital services 
including International Remittances to all the countries, 
eﬀortlessly empowering customers to send funds with 
a simple click. This includes transfers to bank accounts, 
convenient cash pickup services, and seamless transactions 
to wallet accounts.
For speciﬁc countries, our service oﬀers instant remittances, 
enabling customers to send funds to their beneﬁciaries 
in less than 60 seconds. Due to the widespread adoption 
of this remittance service among our customers, CB 
Remittance stands out as one of our most sought-after and 
popular digital oﬀerings.
By collaborating with Western Union, we have broadened the 
reach of our expedited payment service to encompass the 
developing communities across African regions, enhancing 
ﬁnancial accessibility for a wider population.
Whilst we grew our geographic reach, we continued to 
enhance the customer experience with the introduction of 
bundled remittance oﬀers where regular customers can buy 
discounted packages, and ﬁrst-time users can beneﬁt from 
free transfers.  
In addition to continuous digital innovation, the Bank has 
pioneered several market-ﬁrst services, including the launch 
of the World’s ﬁrst Geofencing-enabled Branch Appointment 
Token issuance feature, now available on the CBQ Mobile 
App.
This feature has been designed to save time and enhance 
the overall banking experience, making it more seamless 
and convenient than ever before.
As part of our product oﬀerings, we have introduced 
investment account opening and wealth management 
services tailored to the customer’s risk proﬁle through the 
CBQ Mobile App.
Moreover, the bank has introduced CB Pay Link for Non-CB 
customers and along with enhancements to Qatar Mobile 
Payment (mPay).
To safeguard customers’ accounts and to protect them 
from fraud and cybercrime, we continue with CB Direct 
Notiﬁcations that sends alerts to customers’ registered CBQ 
Mobile App in case of a suspicious activity. 
These innovations have been accepted and adopted 
extensively by customers, and one of the most important 
services launched is the CBsafe ID, which allows customers 
to easily identify and authenticate calls from Commercial 
Bank employees, limiting opportunities for frauds cases.
CB Video Relationship Manager now introduced within CBQ 
Mobile App is another service enhanced by the Bank which 
facilitates face to face customer interactions through a virtual 
platform, innovatively serving customers and strengthening 
client relations. 
Management Review of Operations continued
Commercial Bank recognized with “Best Mobile Banking App in the Middle East” 
and “Best Mobile Banking in Qatar” by Global Finance
cbq.qa
46

Commercial Bank and MetLife Collaborate to Transform Life Insurance and Savings Solutions for Diverse Customer Base in Qatar
Commercial Bank oﬃcially opens its new Lusail Branch
Commercial Bank and Kotak International unlock promising investment 
opportunities in rising India
Commercial Bank wins a major accolade at Mastercard East Arabia Business 
Forum
ANNUAL REPORT 2 024
47

This feature allows customers to interact with their 
Relationship Manager, complete applications, exchange 
documents, and submit instructions, all with a digitally 
recorded signature to expedite transaction processing
We are proud that our CBQ Mobile App is consistently 
awarded by global bodies, and more importantly, our 
customer satisfaction remains high with a Net Promoter 
Score rating above 79.
Cards & Payments
Commercial Bank has always been a leading innovator in 
the Digital payments space, pioneering the adoption of 
cutting-edge solutions for enhancing customer experience 
and maintaining market relevance. Commercial Bank has 
been amongst the ﬁrst local banks to establish a fully digital 
card proposition that facilitates the seamless acquisition, 
management, and utilization of a full-ﬂedge digital card by its 
customers.
New Himyan Debit & Prepaid variants - Aligning with 
QCB’s vision
Commercial Bank proudly launched the Himyan Debit Card, 
demonstrating its alignment with Qatar Central Bank’s vision 
to enhance local ﬁnancial systems. This card, issued in four 
unique variants to cater to the diverse needs of all our 
customer segments and is directly linked to the customer’s 
bank accounts, ensuring seamless access to funds and 
convenience for both retail and corporate segments. The 
Himyan National Card represents a signiﬁcant milestone in 
supporting QCB’s vision of enhancing ﬁnancial stability and 
promoting local economic growth.
For the bank, this initiative aligns with regulatory 
requirements while fostering operational eﬃciency and 
generating revenue.
By supporting the national strategy, the Himyan Card 
demonstrates the bank’s commitment to regulatory 
compliance and advancing Qatar’s economic diversiﬁcation 
goals.
The most SUCCESSFUL card migration: FASTEST 
ACHIEVED MIGRATION GLOBALLY on MC network.
Demonstrating excellence in execution, Commercial Bank 
collaborated with Mastercard to migrate approximately 
330,000 cards from Visa to Mastercard across its Credit 
and Debit portfolios. The project’s success was anchored 
in a robust migration strategy and the cohesive eﬀorts of 
organizations, operating as a uniﬁed team.
The initiative achieved extraordinary outcomes, securing 
the ‘Fastest Migration Award’ for its speed and eﬃciency 
compared to global benchmarks. Mastercard further 
acknowledged this milestone at a celebratory event in the 
UAE, reinforcing the signiﬁcance of this achievement.
Commercial Bank’s 50th Year celebration: EXCLUSIVE 
GOLD card for Limited Edition and PB customers
In celebration of its 50th anniversary, Commercial Bank has 
unveiled Limited-Edition World Elite Gold Credit Card with 
the world’s ﬁrst-ever Mastercard gold logo, featuring an 
exclusive fully engraved gold design, as part of its continuous 
eﬀorts to provide customized solutions that address the 
needs of its valued customers. 
Management Review of Operations continued
Premium Banking hosts an exclusive women’s seminar in collaboration with CBFS and Qatar Stock Exchange
cbq.qa
48

Commercial Bank has distinguished itself as the preferred 
partner for customers, consistently delivering unparalleled 
value and empowering them to achieve their ﬁnancial 
objectives. The new card has been speciﬁcally designed 
for the Bank’s distinguished Limited-Edition customers in 
appreciation of their trust and loyalty. The card is supported 
with unique values propositions & bespoke exclusive 
beneﬁts such as unlimited VIP valet parking, complimentary 
gym access at selected reputable gym in Qatar, and many 
more.
Revamping Loyalty and Rewards: Engaging and retaining 
our loyal customers has always been the Bank’s philosophy 
and this is where we believe that a strong loyalty programme 
is vital.
• Limited Edition program for our Ultra High Net-Worth 
(UHNW) customers where they can redeem their reward 
points for anything they wish for, including exclusive 
products and services, such as a Hermès bag or booking 
a private jet.
• Over 200 merchants catering to diﬀerent types of 
customers preferences which can be easily and instantly 
accessed through our digital channels like Retail Internet 
Banking and CBQ Mobile App. 
• Streamlined redemption process for our customers and 
make it as seamless and frictionless as possible, we have 
revamped our award-winning CBQ Mobile App to include 
an instant redemption of reward points through a click of 
a button.
Introducing Visa Installments Solution (VIS) for 
E-commerce
Commercial Bank of Qatar (CBQ) has once again 
demonstrated its commitment to innovation by becoming 
the ﬁrst merchant acquiring bank globally to implement 
the Visa Installments Solution (VIS) for e-commerce 
transactions. This pioneering solution, developed in 
collaboration with Visa, provides credit cardholders the 
convenience of splitting their purchases into manageable 
monthly installments, enhancing their overall shopping 
experience.
In line with Commercial Bank’s mission to deliver cutting-
edge payment solutions, the Visa Installments Solution 
empowers cardholders with greater ﬁnancial ﬂexibility by 
enabling them to convert their purchases into smaller, more 
aﬀordable payments. This service opens new possibilities for 
customers, making large online purchases more accessible 
and seamless.
The Visa Installments Solution is an advanced, real-time 
API-driven platform that seamlessly integrates various 
stakeholders in the payment ecosystem, including issuing 
banks, payment processors, merchants, and facilitators. By 
doing so, it delivers distinct advantages across the board:
• For customers: Oﬀers convenience and ﬂexibility, 
fostering trust and loyalty.
• For merchants: Boosts sales and conversion rates 
through enhanced aﬀordability options.
• For Commercial Bank: Positions the Bank as a 
leader in innovative payment solutions, strengthening 
partnerships and driving growth.
This groundbreaking initiative reinforces Commercial Bank 
of Qatar’s role as a trailblazer in the payments industry, 
consistently redeﬁning how customers and businesses 
engage with ﬁnancial services.
Wealth Management
The focus on building the Wealth Management proposition 
continued throughout the year as it remains a core pillar 
of our services that supplement our strong Retail Banking 
franchise. Investments in people, process, products, and 
systems were key focus areas in building a strong foundation 
to provide Wealth Advisory services through a trusted and 
robust Wealth architecture. 
We oﬀer clients access to local and global investment 
products, across all major asset classes, through strategic 
partnerships with leading asset managers across the globe. 
Our wealth clients are serviced by qualiﬁed and accredited 
Wealth Advisors who are empowered with the right tools in 
facilitating our customers’ journey.  We continue to focus on 
automating operational processes, introducing innovative 
products, and expanding access to traditional wealth 
products that cater to our customer base and help them 
towards diversifying their portfolios. 
ANNUAL REPORT 2 024
49

Commercial Bank Financial Services (CBFS)
While delivering comprehensive global wealth management 
solutions, our commitment to fortifying our presence in the 
local Qatar Stock Exchange remains steadfast due to the 
market-leading brokerage services provided by Commercial 
Bank Financial Services (L.L.C.) (CBFS), a wholly owned 
subsidiary of Commercial Bank, duly licensed by the QFMA.
Consistently ranked among the top 3 brokerage houses in 
Qatar, CBFS boasts the formidable position of holding one 
of the largest capital bases, exceeding QAR 950 million. 
Oﬀering a comprehensive suite of services, CBFS empowers 
its customers to trade stocks listed on the Qatar Stock 
Exchange, engage in Bonds and T-bills transactions, and 
utilize Margin Facilities, Asset Management, and Liquidity 
Provision services, ensuring a diverse and robust range 
of ﬁnancial solutions for its clients. CBFS has also started 
oﬀering market making services recently and is one of only 
four brokers in the market to be engaged in the activity. In 
the realm of the local equity market, CBFS continues to hold 
a leading position in margin trading through its competitive 
oﬀering for a diverse client base. Further bolstering its 
innovative approach, CBFS aligns seamlessly with the Bank’s 
overarching digital innovation strategy through its acclaimed 
mobile trading application and online platform.
Treasury and Investments
The Commercial Bank’s Treasury and Investments 
Department is responsible for asset-liability management, 
capital and ﬁnancial market investments, trading, and 
treasury sales. The Department manages the overall 
funding and liquidity requirements of the Bank. This 
includes management of operational and strategic liquidity 
requirements, as well as accessing the international debt 
capital markets for funding needs.
Departmental functions
Proactive management allows the Bank to manage its 
funding base in a cost-eﬃcient manner while ensuring 
its balance sheet is managed in accordance with the 
expectations of rating agencies, regulators, the Board of 
Directors and shareholders. The department’s treasury and 
Investments function has been instrumental in maintaining a 
stable cost of funding, managing the duration of the Bank’s 
liabilities in a volatile interest rate environment, seeking 
diversiﬁcation of funding channels, and maintaining key 
liquidity ratios and related business regulatory ratios as 
required by the Qatar Central Bank.
The department’s investments function is engaged in 
managing the Bank’s investments in capital markets 
to achieve superior and stable returns. It continued to 
provide strong revenue generation in 2024 whilst ensuring 
a liquidity buﬀer for the Bank by focusing on liquid and 
diversiﬁed investments. Its goal in 2025 is to maintain 
returns momentum in a challenging geopolitical and 
Management Review of Operations continued
Parvez Khan
EGM, Treasury and Investments
cbq.qa
50

macroeconomic backdrop. The investment emphasis 
remains on active portfolio management to optimize returns 
and ensure eﬀective risk management by ﬂexible asset 
allocation, hedging, and duration management.
Treasury Sales
The Treasury Sales unit provides a full suite of products to 
the Bank’s customers, supporting their needs with regards 
to managing and hedging their foreign exchange, interest 
rate exposures and other asset classes. Commercial Bank 
Treasury and Investments department continues to grow 
its footprint as a leading market-maker in the regional rates, 
ﬁxed income, treasury securities, and FX markets, and in 
providing market access to corporates and institutions.
In 2024, Commercial Bank Treasury and Investments 
expanded its capacity to support client needs by adding 
digital execution capabilities and risk management solutions, 
both domestically as well as cross-border, demonstrating its 
ability to provide seamless client solutions across multiple 
geographies.
Treasury is also actively engaged with Commercial Bank’s 
subsidiary in Turkey – Alternatif Bank to provide end-to end 
origination, structuring, negotiation, and execution.
Risk Management
Managing risk is a fundamental part of Commercial Bank’s 
day-to-day business activities. As part of the overall 
corporate governance framework, the Board of Directors 
is responsible for overseeing a strong risk governance 
framework, including a strong risk culture, a well-developed 
risk appetite – articulated through the Bank’s Risk Appetite 
Statement – and well-deﬁned responsibilities for risk 
management and control functions. The keystone of the 
Bank’s risk governance framework is the three lines of 
defense, namely:
1. The ﬁrst line of defense consisting of frontline business 
units and functions that create risk. These groups are the 
Bank’s primary risk-takers, responsible for implementing 
eﬀective internal controls and maintaining processes for 
identifying, assessing, controlling, and mitigating the risks 
associated with their activities, consistent with the Bank’s 
Risk Appetite Statement and risk limits.
2. The second line of defense consisting of independent 
risk management, which oversees risk-taking and 
assesses risks independent of frontline business 
units and functions that create risk. Independent risk 
management complements the frontline units’ risk-
taking activities through its monitoring and reporting 
responsibilities, including compliance with the Bank’s risk 
appetite, and is responsible for identifying, measuring, 
monitoring, and controlling aggregate and emerging 
risks enterprise-wide.
Antonio Gámez
EGM, Chief Risk Oﬃcer
ANNUAL REPORT 2 024
51

3. The third line of defense consisting of internal audit, 
which provides independent assurance to the Board on 
the eﬀectiveness of governance, risk management, and 
internal controls. 
During 2023, Commercial Bank continued its eﬀorts to 
improve its overall risk platforms, put in place a risk balanced 
performance scorecard, including a well-balanced and agile 
risk organization, comprehensive approach to managing 
cost of risk, and an improved approach to managing non-
ﬁnancial risk.
In 2024, Commercial Bank will continue to upgrade its 
technological infrastructure, enhance the coverage of 
liquidity management, and strengthen the overall risk 
strategy.
Credit Risk
Commercial Bank has clearly deﬁned credit policies for 
the approval and management of credit risk. Formal 
credit standards apply to all credit risks decisions, with 
speciﬁc portfolio standards applying to all major lending 
areas. These incorporate obligor quality, income capacity, 
repayment sources, acceptable terms and security, and loan 
documentation tests.
The Bank assesses the integrity and ability of debtors or 
counterparties to meet their contracted ﬁnancial obligations 
for repayment. Collateral security such as real estate, charge 
over income or assets, and ﬁnancial securities is generally 
taken for business credit, except for government, major 
banks and corporate counterparties that are externally 
risk-rated and of strong ﬁnancial standing. The Bank uses 
risk ratings models to govern decision making both on 
Corporate Lending and Retail Lending Businesses. This bring 
about standardization and consistency of rating borrowers.
Non-Financial Risk
The Bank introduced the concept of Non-Financial Risk 
which includes Operational Risk, Third Party Risk, Cyber 
Security Overview Vendor Management, Business Continuity 
and Change Management. Operational Risk is the risk of 
loss resulting from inadequate or failed internal processes, 
people and systems, or from external events. It includes legal 
risk but excludes strategic and reputational risk.
The Non-Financial Risk Department supports the 
achievement of Commercial Bank’s ﬁnancial and business 
goals. The NFR ensures that the bank adopts industry 
standards in evaluation of key risk and uses the necessary 
tools to manage and monitor these risks. The primary 
objectives of the NFR Department are:
• Maintenance of an eﬀective internal control environment 
and system of internal control.
• Demonstration of eﬀective governance, including a 
consistent approach to managing non-ﬁnancial risk 
across the Bank.
• Transparency, escalation and resolution of risk and 
control incidents and issues.
• Eﬀectively overviewing the policy and review of Cyber 
Security as second line of defense.
• Making sure that there is high level of resilience and 
preparedness in the event of any business continuity 
disruptions.
Market Risk
Market Risk is the potential loss in value or earnings arising 
from changes in market factors, and is managed by the 
Bank’s Market Risk Department with oversight by the 
Management Risk Committee, which provides speciﬁc 
guidelines for market risk management. Matters covered 
includes risk emanating from the Trading Book, Banking 
Book and Counterparty Risk Management.
Market Risk managed as part of the Risk Appetite Framework 
which has granular levels of risk metrics including value-
at-risk (‘VaR’) for potential loss using historically observed 
market volatility. Stressed VaR is used at the Bank to measure 
the potential for economic loss from extreme market events, 
earnings-at-risk (EaR), and economic value of equity (‘EVE’) 
for Interest Rate Risk and Dv01 for change in yield.
The results of these measures are reported to the 
Management Risk Committee, Asset Liability Committee and 
Investment Committee on a regular basis.
Management Review of Operations continued
cbq.qa
52

Liquidity and Funding Management
Commercial Bank follows a balanced liquidity management 
strategy through the combined use of liquid asset holdings 
and borrowed liquidity to meet its liquidity needs. The Bank’s 
funding policies provide that:
• Liquidity requirements be measured using several 
approaches including sources and uses, structure of 
funds, and liquidity indicators.
• An appropriate level of assets is retained in highly liquid 
form.
• The level of liquid assets complies with stressed scenario 
assumptions to provide for the risk of the Bank’s 
committed but undrawn lending obligations.
• Establishment of credit lines.
• Formalized Contingency Funding Plan that is reviewed 
periodically by ALCO.
Board Risk-related Committees
The two Board Committees that have primary responsibility 
and oversight for risk are:
1. The Board Risk and Compliance Committee (‘BRCC’), 
which is responsible for all aspects of enterprise wide 
risk management including, but not limited to, credit risk, 
market risk, liquidity risk, operational risk, compliance, 
anti-money laundering and regulatory oversight. The 
BRCC reviews policy on all risk and compliance issues and 
maintains oversight of all Bank risks.
2. The Board Executive Committee (‘BEC’) which is 
responsible for evaluating and granting credit facilities 
within authorized limits as per Qatar Central Bank and 
Board guidelines.  
The Board of Directors or its subcommittees are regularly 
updated on any potential risk that the Bank may face.
Risk Management continues to be very well positioned to 
manage risk resulting from the increasing sophistication, 
scope and diversity of the Bank’s business and operations.
In summary, the governance framework, policies and 
administrative procedures and practices relating to risk 
management in Commercial Bank align well with global best 
practice, the recommendations of the Basel Committee and 
the guidelines of Qatar Central Bank.
Marketing
Commercial Bank’s Marketing Department has geared 
its eﬀorts towards establishing and promoting the Bank’s 
reputation and brand identity to stakeholders and customers 
through eﬀective communication using both traditional and 
digital media channels. 
Marketing works closely with the Bank’s main business units 
and supports functions to develop integrated marketing 
campaigns targeting diﬀerent customer segments with 
diverse products and services based on ongoing research, 
consumer insight and return on investment analysis. 
Marketing also runs the Bank’s sponsorships and key 
events, as well as its Corporate Social Responsibility (CSR) 
programmes. We ensure our marketing initiatives and 
communication strategies align with the Bank’s sense of 
purpose which is making everything possible to customers . 
Commercial Bank’s mission is deeply rooted within sustaining 
its position as a leader in digital banking. Through exemplary 
leadership in digital marketing – alongside our proactive 
approach to digital media, ﬁrst-of-its-kind technologies, 
top-tier content oﬀering, and customer engagement on 
and through social media – Commercial Bank continues to 
pioneer Qatar’s digital banking spaces.
Following a national vision 
Commercial Bank’s successes and achievements this year 
emerged from the Bank’s commitment towards Qatar 
National Vision 2030, which inspired us to achieve results, in 
alignment with the country’s key strategic messages and the 
fulﬁlment of Qatar National Vision 2030. 
For 2024, our National Day theme was “Our unity is our 
strength”. We were inspired to reﬂect the people’s unity and 
patriotism in a design that communicates the compelling 
story of every individual and corporation in Qatar. We 
started by showing Qatar’s famous National Day Symbol, 
multiple hands are coming together, proud to hold up high 
the Qatari ﬂag, reﬂecting the strong sense of patriotism 
and loyalty. In the background, we can see Commercial 
Bank Plaza standing strong and tall among Qatar’s famous 
skyline. This visual represents Qatar’s force of nature, and 
Commercial Bank’s loyalty to the National Vision 2030 and 
the advancement of the community.
ANNUAL REPORT 2 024
53

Social Media
Our brand story has been conveying how our 
communication strategy is being developed, while following 
our Brand DNA and making sure we give our customers the 
guidance they deserve. We build our Bank’s strategy on the 
following three points: to guide, humanize and innovate.
In addition to investments in digital technologies, we are also 
focused on communicating our eﬀorts in a clear and simple 
way. Commercial Bank’s social media approach encouraged 
customers to #GoDigital in six languages across all available 
channels, using friendly, understandable language. This is 
part of the Bank’s print-free strategy which aims to eliminate 
printed collaterals in branches. In addition to that, we have 
invested in led Plaza screens to replace printed materials.
Commercial Bank extends innovation to its communication 
approaches and is keen on humanizing all its communication, 
and this is clearly reﬂected in CB’s continuing commitment to 
guide its audience:
• CB Support: Part of our strategy includes guiding our 
customers throughout their banking journey.
• #CBsafe: We launched our anti-fraud campaign to 
further educate our customers on the various ﬁnancial 
techniques out there.
• CB Alpha Trader: We launched a series of educational 
videos regarding wealth management, speciﬁcally, our CB 
Alpha Trader App.
This approach has earned Commercial Bank a leading 
position amongst the ﬁnancial institutions in Qatar, and the 
trust of our global ﬁnancial partners. 
Commercial Bank has launched several social media 
campaigns throughout 2024 that has further emphasized 
its role in elevating the digital banking scene in Qatar. From 
commemorating its 50th anniversary to launching the 
largest warehouse sale in Qatar, the Bank has been oﬀering 
customers ﬁnancial solutions to elevate their day-to-day 
lives.
Commercial Bank’s exceptional social media strategy led to 
the Bank being recognized by the most reputable awarding 
bodies in the industry.
2024 Awards
• Best Mobile Banking App in the Middle East by Global 
Finance
• Best Mobile Banking in Qatar by Global Finance
• Best Mobile Banking App by MEED
• Best Remittance Service by MEED
• Fastest Growing Credit Card Issuer in Qatar by 
International Finance Magazine Awards
• Best Card Payment Service POS/ATM in Qatar by 
International Finance Magazine Awards 2024
Management Review of Operations continued
Hussein M Ali Al-Abdulla  
EGM, Chief Marketing Oﬃcer, and 
Alternative Assets 
cbq.qa
54

• “Best Digital Bank in the Middle East” by World Finance
• “Team Excellence 2024 Award” by Artan Holding
• Appreciation award from Descon
• Major accolade at Mastercard East Arabia Business Forum 
held in Singapore
Corporate Social Responsibility (CSR)
Commercial Bank’s longstanding commitment to Corporate 
Social Responsibility (CSR) has been a pillar in the Bank’s 
structure since its inception over forty-eight years ago. 
The Bank has committed to positively contributing to the 
wider community in support of Qatar National Vision 2030 
and through corporate social responsibility programmes 
formulated and implemented by the Bank’s Marketing 
Department.
Ramadan initiatives
As part of Commercial Bank CSR, the Bank organized a 
number of charity annual events in cooperation with Qatar 
Red Crescent. Ramadan Iftar meals were distributed for 
labor and people in need in the community. 
Commercial Bank also introduced the “CB Staﬀ Eidya” 
campaign to foster generosity and community support. This 
initiative is a call to all staﬀ members to embrace the spirit of 
giving by contributing to a fund designed to support those 
less fortunate during Eid.
Sports, health, and ﬁtness 
At Commercial Bank, our people are our greatest asset, and 
we are committed to invest in their wellbeing. Improving the 
nation’s health is also one of the most important parts of 
the human development pillar of the Qatar National Vision 
2030, and we promote sports and wellness activities for 
our staﬀ not only during National Sports Day but throughout 
the year. We believe that sports and physical activity play 
a vital role in our community. That said, we continuously 
promote active and healthy lifestyles and strive to cultivate 
values of dedication, teamwork, competition, and good 
sportsmanship.
On top of carrying out yearly ﬁtness challenges and 
competitions, Commercial Bank has also introduced a 
number of tournaments to encourage staﬀ members to 
engage in ﬁtness activities throughout 2024. The Bank 
hosted the ﬁrst mixed Volleyball Competition, prepared 
exclusively for CB staﬀ, to spread positive energy and 
friendly competition while giving employees a chance to 
connect with one another. Commercial Bank’s Staﬀ Club are 
upholding the Bank’s promise towards fostering a culture 
that revolves around well-being and a structured work-life 
balance.
Sponsorship programs
Commercial Bank remains committed to positioning Qatar at 
the forefront of the sports industry by rounding up the best 
international competitors for an annual golf tournament in 
Qatar. That said, the Bank and Qatar Golf Association have 
been hosting the 28th edition of Commercial Bank Qatar 
Masters Golf Tournament; an annual golf tournament on the 
DP World Tour Calendar organized by Qatar Golf Association, 
Qatar Olympic Committee, Doha Golf Club, and Commercial 
Bank, the long-term Title Sponsor. The tournament was 
ﬁrst held in 1998 and has become Qatar, and the world’s, 
annual “must attend” sporting and social event. This year, 
the golf tournament coincided with the Bank’s golden 50th 
anniversary.
In parallel, the Bank and Qatar Golf Association also have 
hosted the Commercial Bank Qatar Masters Pro-Am 
Tournament where local amateur golfers have gotten 
the chance to play with professional golfers who have 
participated in the tournament. This initiative stands as 
testament to the Bank’s impactful contributions role in the 
ﬁeld of sports.
Health awareness
To fulﬁll its commitment towards improving the population’s 
health in Qatar, Commercial Bank has conducted a variety 
of activities and workshops for its employees to raise 
awareness on breast cancer early detection in collaboration 
with Qatar Cancer Society, The View Hospital, Naseem Health 
Care LLC, and Turkish Hospital. Under the slogan “Show your 
care, Be Aware,” CB female employees had the opportunity 
to attend an informative “Breast Cancer Awareness Session” 
while enjoying exciting activities held in parallel. 
ANNUAL REPORT 2 024
55

cbq.qa
56

Educating the public and spreading awareness
In line with our Brand DNA, we strive to oﬀer our customers 
the ﬁnancial guidance they seek. Commercial Bank has 
launched a series of campaigns that aspire to spread 
awareness in the society, in addition to educating and 
directing our customers in their banking journey:
•  CB Alpha Trader: This series aims to inform customers 
of the stick market, empowers them to unlock their 
investment potential, and sheds light on the advanced 
tools of CB Alpha Trader. 
• #CBsafe: As leaders in the ﬁnancial landscape, we 
are focused on protecting our consumers’ ﬁnancial 
assets. Our #CBsafe campaign has underpinned our 
commitment as we continue to oﬀer the community tips 
on how to identify the latest scam techniques and how 
to respond. A particular initiative under our #CBsafe 
campaign that went viral is our angry translator video 
which highlights the importance of thinking twice prior to 
sending personal bank information.
• CB Support: Our CB Support series on social media aims 
to answer customer inquiries regarding our CBQ Mobile 
App and its features.
Qatari youth
Commercial Bank takes pride in being a Qatari bank and 
supporting all four pillars of the Qatar National Vision 2030 
through our activities, with a focus on strengthening the 
economy through our services and investing in Qatar’s 
human capital talent as one of the largest private sector 
employers in the country.
The Bank’s National Development Programme invests 
heavily in the skills and training of young Qataris, and we look 
forward to continuing to support Qatar on its journey towards 
sustainable development and prosperity, for the beneﬁt of 
current and future generations. This year, the Bank launched 
Barzan Leadership Program, designed to empower Qatari’s 
and develop their skillset.
The Bank also annually hosts the Young Investors program 
and Young Bankers program – both of which are internships 
that equip our future ﬁnancial leaders with the necessary 
skills they need to pioneer the ﬁnancial markets. We have 
given the younger generation a space where they can 
enhance their economic understanding and spread the 
knowledge given to them by our ﬁnancial experts.
Volunteering
Commercial Bank believes in fostering a sense of community 
and positively contributing to society’s philanthropic causes. 
Staying true to its promise, the Bank hosted an array of 
charitable initiatives throughout 2024.
That said, Commercial Bank has partnered with Qatar Charity 
to distribute winter supplies (blankets and carpets) to 
those with limited income. This comes as part of the Bank’s 
community relief eﬀorts, and within the framework of Qatar 
Charity’s ongoing winter campaign “How Long”.
Throughout the Holy Month, the Bank expanded its range 
of initiatives to fully embrace the spirit of generosity and 
compassion during the scared month of Ramadan. Among 
these initiatives, Commercial Bank’s senior staﬀ members 
distributed iftar boxes to the less fortunate. The Bank 
also partnered with Qatar Charity to provide iftar boxes 
to workers in one of Qatar Charity iftar tents. Commercial 
Bank’s team also joined the elderly for a Ghabqa dinner, in 
cooperation with the Center for Empowerment and Elderly 
Care (Ehsan). The event took place at Belhambar Qatari 
Restaurant in Al Shoyoukh Port, Doha- Corniche, where the 
elders shared their life experiences especially when it comes 
to tradition and culture with our staﬀ members.
During Qatar National Day, the Bank launched an array 
of gift distribution initiatives across several institutions 
including Qatar Academy Al Wakrah, Moza Bint Mohammed 
Girls School, and Al Hedayah for Special Needs and The 
Rehabilitation for Girls & The Education Center to spread a 
sense of joy and belonging amongst all children alike. The 
Bank also extended its visit to include several Commercial 
Bank Mall branches, namely, Villaggio, Doha Festival City, City 
Centre, Dar Al Salam, and Vendome CB Premium Lounge.
As part of its commitment to sustainability, the Bank joined 
forces with Deap Qatar to organize a beach cleanup 
in Sealine, reinforcing its dedication to environmental 
preservation and community-driven initiatives.
Management Review of Operations continued
ANNUAL REPORT 2 024
57

These initiatives demonstrate Commercial Bank’s collective 
dedication to social responsibility and underscores the 
Bank’s culture.
Sustainable products
Poised to share the banking scene in Qatar, Commercial 
Bank is continuously introducing world-class ﬁnancial 
products that align with the sustainable goals of National 
Vision 2023. 
The Bank is oﬀering customers the opportunity to ﬁnance 
their next hybrid or electric car through CBgreen. This 
initiative supports The Qatar National Environment and 
Climate Change Strategy and further solidiﬁes Commercial 
Bank’s role as not only a leader in digital banking, but a 
catalyst for change.
Commercial Bank has been selected as the preferred 
ﬁnancing partner for BYD, a leading innovator in electric 
vehicles. This partnership aligns with our CB Green Vehicle 
Loan initiative, designed to support eco-friendly investments 
with attractive ﬁnancing options for our customers.
CSR recognition 
Commercial Bank’s commitment to Corporate Social 
Responsibility has given the Bank recognition from 
prestigious entities across the globe. 
Human Capital
In 2024, Commercial Bank Human Capital strategy 
featured a range of progressive initiatives designed to 
improve organizational performance and foster employee 
engagement at all levels. 
• Human Capital department has been instrumental in 
fostering a performance-driven workplace by aligning 
organizational goals with individual and team objectives. 
We focused on recognition programs and performance 
rewards to ensure that employees remained motivated 
and aligned with the Bank’s vision.
• Nationalization, focused on attracting young national 
talent and building a strong talent pipeline, remains a 
strategic cornerstone for The Bank. This commitment 
emphasizes nurturing local talent through customized 
development programs, tailored career planning, and 
active knowledge transfer. This year, the promotion 
of new national leaders from within our talent pool 
underscored our dedication to internal growth and 
leadership cultivation. Partnering with ministries, 
educational institutions, and the Ministry of Labour, 
participating on career fairs, talent development 
programs, and apprenticeship initiatives has 
strengthened our reputation as a preferred employer 
for nationals while ensuring compliance with labor 
market goals. Additionally, the Human Capital team also 
collaborated with MOPH and Hospitals in the Health 
Management Review of Operations continued
Khalifa Al Rayes 
EGM, Chief Human Capital Oﬃcer 
cbq.qa
58

sector to introduce wellness days that emphasize the 
importance of employee well-being.
• We enhanced our approach to performance 
management by not only evaluating employee 
performance but also updating policies, clarifying roles, 
and enhancing oversight mechanisms. This established 
a more robust framework for decision-making and 
compliance, improving transparency, consistency, and 
ethical standards across all levels of the organization.
• Human Capital embraced a data-driven approach to 
talent acquisition, addressing critical skill gaps and 
anticipating future workforce needs to support the 
Bank’s strategic plan. Additionally, it prioritized attracting 
world-class talent and leaders globally to accelerate its 
strategic vision, with a strong emphasis on technology 
and customer-centricity.
• Human Capital has taken proactive steps to strengthen 
relationships with internal and external stakeholders 
through consistent engagement and feedback 
mechanisms. Regular town halls, focus groups, and 
collaboration with cross-functional teams have fostered 
transparency, trust, and alignment with organizational 
priorities, enhancing overall stakeholder satisfaction.
Learning and development
Commercial Bank remains committed to embrace a learning 
culture by expanding its National Talent and Learning and 
Development initiatives. Over the past ﬁve years, NTD has 
evolved from university sponsorships and specialized 
certiﬁcations to a comprehensive learning ecosystem, 
oﬀering leadership development (Pearl Program), 
technical upskilling, international partnerships (JP Morgan 
collaboration), and succession planning. These eﬀorts have 
resulted in 10,000+ hours of training annually, ensuring 
employees are equipped with the skills to drive innovation 
and excellence.
We invest in making Commercial Bank a great place for 
learning. We target our development resources towards our 
people who are skilled in sharing knowledge and training 
others. 
In Summary
Commercial Bank human capital in 2024 has had a 
transformative year, marked by initiatives that align with both 
organizational and national priorities, we have laid a strong 
foundation for sustained growth. Strategic partnerships, 
compensation, and enhanced stakeholder engagement 
have further positioned the Bank as an employer of choice. 
Looking ahead, Human Capital team is committed to 
continuous improvement and innovation to support the 
evolving needs of the workforce and the Bank.
Operations
For Commercial Bank, as across much of the globe, 2024 
was a year of AI-headlined innovation. Yet these headlines 
stood on the foundations of sustained investment in client 
experience, data capabilities and technology infrastructure.  
They thus built upon and delivered into Commercial Bank’s 
ongoing innovation agenda, which is core to the bank’s 
strategy and corporate earnings. At Commercial Bank, a 
foundational principle is that technological innovation is a 
means to support client and business outcomes, rather than 
an unguided end of its own.
In 2024, the bank continued to design and execute to: 
support increased customer preferences for digital solutions 
including a new state of the art Corporate Internet and 
Mobile Banking solution, and Trade Finance solution; deliver 
much more personalized services; enhance customer 
experience through wider product oﬀerings, including 
in wealth management; and to invest in future strategic 
innovation needs.  The ﬂexibility of our operating model 
continues to allow us to drive rapid innovation and to provide 
enhanced client experience.
ANNUAL REPORT 2 024
59

Increasing client preference for digital solutions
Clients continued to embrace mobile devices to engage 
with Commercial Bank. For individual customers, over the 
course of 2024, customers engaging via mobile solutions 
on a weekly basis increased by 14%, building on the 35% 
increase of the previous year. These customers enjoyed 
more than 150 services available through the bank’s 
award-winning mobile banking solution.  For corporate 
clients, both online and mobile banking solutions came to 
play an increasingly important role. Those accessing the 
online services of the bank each month increased by more 
than 19%, and on a weekly basis by more than 12%. This 
demonstrates both the scalability of servicing an expanding 
customer base and the value placed by clients on the 
enhanced convenience, security and ﬂexibility of these 
solutions.
Enhancing customer experience through product and 
service innovations
Adoption of these digital services brings increased 
opportunity for seamless, real time services, the simpliﬁed 
distribution of numerous new products and services 
for Retail customers, and acquisition of richer client 
data. Powered by this data, in 2024, Commercial Bank 
continued to invest in and deploy AI-enabled solutions. 
These include: the use of Natural Language Processing to 
automate services otherwise requiring time for document 
interpretation and execution, and data science and machine 
learning solutions for more personalized client oﬀerings
Bespoke solutions were also created for corporate clients 
also seeking to extend their digital reach and service 
proposition, including several B2C solutions.
Ongoing investments in strategic innovation capability
Digital solutions provide the customer with convenient, 
fast and eﬃcient products and services, while allowing 
Commercial Bank to automate processing end-to-end. 
At Commercial Bank, we are cognizant that changes in 
the market, in client needs and in opportunities can be 
highly dynamic. Therefore, we have created a world-class, 
agile technology capability with the ability to deliver digital 
scalable, automated, innovations at speed. 
Key components to the strategy include:
• A highly capable diverse team;
• An agile delivery process;
• A scalable technology infrastructure, protected by strong 
cyber security capability;
• Proactive investment in data infrastructure, machine 
learning and data science capabilities.
Commercial Bank has strong ﬂexible infrastructure and agile 
innovation capability that is foundational to its strategy.
Management Review of Operations continued
Leonie Ruth Lethbridge  
EGM, Chief Operating Oﬃcer
cbq.qa
60

Acknowledgement
The dedication and hard work of our valued employees and 
leadership have empowered Commercial Bank to achieve 
exceptional business performance in
2024. This Annual Report showcases our accomplishments 
across all areas, and in line with our commitment to 
sustainability, we have chosen to document them on 
recyclable paper. 
We are also extremely grateful for the ongoing support and 
guidance provided by the Chairman, Vice Chairman and 
Managing Director and Members of the Board. Under their 
leadership, our Bank has continued to grow and uphold 
its reputation as one of Qatar’s oldest and most successful 
banks for over four decades. 
We would also like to extend our sincere gratitude to His 
Highness Sheikh Tamim Bin Hamad Al Thani, Amir of the State 
of Qatar, for his visionary leadership of Qatar. We would also 
like to thank His Excellency the Prime Minister and Minister of 
the Interior, His Excellency the Minister of Finance, the Qatar 
Central Bank and the Ministry of Commerce and Industry for 
their continued guidance and support throughout this past 
year.
The Qatar Central Bank, under the leadership of His 
Excellency the Governor Sheikh Bandar bin Mohammed 
bin Saoud Al-Thani, has shown prudence with clear and 
consistent leadership of the banking industry enabling 
Qatar’s ﬁnancial sector to prosper.
 We are very proud of our success over the years and are 
optimistic about what the future will bring for Commercial 
Bank and for Qatar.
ANNUAL REPORT 2 024
61


We’ll innovate. We’ll elevate. 
We’ll lead the way.
Fo
anothe
50 Golden
Yeas

COMMERCIAL BANK’S CORPORATE GOVERNANCE 
REFLECTS OUR COMMITMENT TO COMPLY WITH 
LOCAL REGULATIONS AND INTERNATIONALLY 
ACCEPTED STANDARDS INCLUDING TRANSPARENT 
DISCLOSURE FOR THE BEST INTERESTS OF OUR 
STAKEHOLDERS.
Eﬀective governance is, at its core, simply about doing the 
right things for stakeholders. It is enabled by having the 
right checks and balances throughout the organization to 
ensure that the right things are always done. It comprises 
the processes and structures which aﬀect the way an 
organization is directed, managed and monitored and 
its activities are reported, including: the elements of 
internal control, ethics, various risk functions, policies 
and procedures, internal audit, external audit and formal 
committees that promote greater transparency and facilitate 
eﬃcient and eﬀective management for the best interests 
of stakeholders. The Board of Directors ﬁrmly believes that 
good Corporate Governance is fundamental in ensuring the 
proper management of Commercial Bank in the interests of 
all of our stakeholders. We recognise that the way we interact 
with stakeholders is key for the success of our business 
and the transparent disclosure of our governance assists 
investors in their investment decisions.
Corporate Governance developments
During 2024, we continued to enhance our corporate 
governance practices as the Bank’s business evolves and 
regulatory requirements change. Commercial Bank’s 
Corporate Governance Charter, Board of Directors Charter, 
Board Committees Charter, Board Delegation of Authority 
and Corporate Aﬀairs Policy were all reviewed and updated 
for alignment with the QCB Corporate Governance 
Instructions and changes to the Bank’s business. 
Corporate Governance framework
The Board understands that sound Corporate Governance 
principles and practices are fundamental to maintaining 
the trust of its stakeholders, which is also critical in 
business growth, sustainability and proﬁtability. The Board 
is committed to implement the corporate governance 
principles of justice, equality among stakeholders without 
discrimination, transparency and disclosure, while upholding 
the values of corporate social responsibility and acting in the 
public interest of Commercial Bank and stakeholders over 
their personal interests, as well as performing their duties, 
tasks and functions in good faith, integrity, honour and 
sincerity. The implementation of these principles is driven 
by a qualiﬁed Board aided by a seasoned and experienced 
Executive Management team. The Board ensures that the 
Bank adheres to these Corporate Governance principles 
in its day-to-day activities at all times. Refer to “Board of 
Directors” section in the Annual Corporate Governance 
Report for further information. Commercial Bank’s Code 
Corporate Governance
cbq.qa
64

of Conduct provides a clear statement of our conduct 
expectations and ethical values, supported by our conduct 
and ethics standards. Refer to “Code of Conduct” section 
in the Annual Corporate Governance Report for further 
information. Our governance includes a committee structure 
and a comprehensive set of corporate policies which are 
developed, reviewed and approved by the Board, the 
respective Board Committees, and the board of directors of 
the Bank’s subsidiaries, in accordance with their respective 
responsibilities and levels of authority. Refer to “Board of 
Directors” and “Board Committees” sections in the Annual 
Corporate Governance Report for further information. The 
Board of Directors regularly reviews compensation and 
beneﬁts to ensure we pay fairly and competitively, reward 
high performers, and link incentive payments to the overall 
performance of the Bank. The Board of Directors also 
focuses on risk management by considering:
• The mix between salary and incentives;
• The balance between proﬁt, risk and the time horizons 
associated with those risks;
• Linking a portion of senior employees’ bonuses directly to 
the long-term performance of Commercial Bank, and to 
shareholders’ interests;
• Align with global best practices. 
Refer to “Directors’ Remuneration”, “Executive Management 
Remuneration”, “Directors Remuneration Policy” and 
“Remuneration Policy Principles” sections in the Annual 
Corporate Governance Report for further information.
The main rules, procedures and practical application of 
Commercial Bank’s governance are contained in the Bank’s 
Corporate Governance Charter, Board of Directors Charter 
and Board Committees Charter. These charters reﬂect 
Commercial Bank’s long-standing ethical governance 
practices and the regulatory requirements mandated by:
• instructions issued by the Qatar Central Bank on 30 
August 2022 by virtue of Circular No. 25/2022 (QCB 
Corporate Governance Instructions);
• the Commercial Companies Law promulgated by Law No. 
11 of 2015, as amended by Law No.8 of 2021 (CCL); and
• the Governance Code for Companies and Legal Entities 
Listed on the Main Market issued by Qatar Financial 
Markets Authority pursuant to Decision No. 5 of 2016 
(QFMA Corporate Governance Code).
These charters also follow the recommendations of 
international best practice for Corporate Governance 
developed by leading international frameworks. 
ANNUAL REPORT 2 024
65

Organizational structure
Complying with rules and regulations 
We fully adhere to the principles set out in the QCB 
Corporate Governance Instructions and to the provisions of 
the QFMA Corporate Governance Code as at 31 December 
2024. The detailed Annual Corporate Governance Report 
2024 is an attachment to this Annual Report, forms 
an integral part of it, and is presented to shareholders 
for approval at the Bank’s AGM. The Annual Corporate 
Governance Report 2024 can also be viewed on Commercial 
Bank’s website at www.cbq.qa.
Corporate Governance continued
Group Chief Executive Oﬃcer
Board of Directors
Board Risk & 
Compliance
Committee
Board Executive
Committee
Board 
Remuneration, 
Nomination & 
Governance 
Committee
Board Audit
Committee
EGM,
Chief Human 
Capital
Oﬃcer
EGM, Chief 
Wholesale and 
International 
Banking 
Oﬃcer
EGM,
Treasury & 
Investment
EGM, Chief 
Financial 
Oﬃcer 
EGM,
Retail
Banking
EGM, 
Marketing 
& 
Alternative 
Assets
EGM,
Chief 
Operating 
Oﬃcer
AGM,
Strategy & 
Analytics
Head of
Corporate Aﬀairs 
& Company 
Secretary
EGM, Chief
Internal Audit 
Oﬃcer
EGM, Chief Compliance 
Oﬃcer
EGM, Chief Risk Oﬃcer
cbq.qa
66

Sustainability as a concept and practice has been part of 
Commercial Bank’s approach for many years, whether it be 
through our longstanding commitment to the Qatar National 
Vision 2030 or in-built into our corporate strategic plan 
initiated in 2016. Building on this foundation, Commercial 
Bank actively supports Qatar’s National Environment and 
Climate Change Strategy announced in 2021, the Qatar Stock 
Exchange’s ESG disclosure initiative and we are a signatory 
to United Nations Global Compact (UNGC), supporting the 
ten principles on human rights, labour, environment and 
anti-corruption. 
Commercial Bank made good progress in advancing our 
sustainability performance in 2024. The Bank successfully 
issued its inaugural Green Bond denominated in Swiss 
Francs. This was Commercial Bank’s debut Green Bond 
issuance under its Sustainable Finance Framework published 
in 2023 and represents the next step in its sustainable 
ﬁnancing journey. The bond is the largest ever CHF Green 
bond issued in Qatar, the largest CHF bond issuance from 
Qatar since 2013, and the largest CHF Green bond out of the 
Central and Eastern Europe, Middle East and Africa (CEEMEA) 
region since 2021. 
In line with the National Environment and Climate Change 
Strategy, we target a 25% reduction in Commercial 
Bank’s greenhouse gas emissions associated with our 
own operations by 2030 versus 2021. We are deploying 
a number of initiatives to reduce our carbon footprint, 
including installation of solar panels on the rooftops of 
selected Commercial Bank branches, replacing a portion 
of the Bank’s car ﬂeet with electric vehicles, and optimizing 
our air conditioning and lighting systems to reduce energy 
consumption during unoccupied periods. Our operational 
eﬀorts, debut Green Bond, and Green Vehicle Loan and 
Green Mortgage Loan products, have together been 
recognized by the “Best Green Financing Initiative” and 
“Sustainable and Green Bank of the Year in Qatar” awards 
from the Asian Banker. Board and Executive Management 
remuneration is linked to ESG, formalized through the 
application of the Bank’s revised corporate performance 
scorecard, which includes ESG metrics.
Commercial Bank’s sustainability strategy
Commercial Bank has a ﬁve-year strategic plan (2022-
2026) based on the 5Cs: Corporate earnings quality; Client 
experience; Creativity and innovation (Digital Creativity); 
Culture; and Compliance.
We view sustainability as an integral part of our corporate 
strategy and it is inbuilt within the 5Cs. The sustainability 
topics most material to our business and our stakeholders 
can be viewed as a natural extension of the 5Cs as they 
support the delivery of our corporate strategy. These 
material topics are: 
1) Sustainable ﬁnance
2) Risk management 
3) Support for SMEs 
4) Financial inclusion and accessibility 
5) Responsible procurement and supply chain 
management 
6) Exceptional client experience 
7) Customer privacy and data security 
8) Digital innovation 
9) Environmental impact of our operations 
10) Talent attraction, development and retention 
11) Diversity and inclusion 
12) Community investment 
13) Governance and Compliance
Sustainability
ANNUAL REPORT 2 024
67

Sustainability governance
At Board-level, oversight of the Bank’s sustainability 
strategy and performance is the responsibility of the Board 
Remuneration, Nomination and Governance Committee 
(BRNGC). 
Commercial Bank has a Management-level Sustainability 
Committee. Responsibilities include:
• Reviewing and recommending for approval of the BRNGC, 
the Bank’s sustainability strategy and commitments;
• Assessing the Bank’s sustainability related risks and 
opportunities (including climate change) and mitigations 
/ opportunities;
• Recommending priority sustainability-related initiatives 
for implementation within the Bank, with accountable 
working groups; and
• Monitoring the Bank’s sustainability performance against 
the Bank’s sustainability strategy including oversight of 
the impact with external stakeholders.
The Sustainability Committee is chaired by Commercial 
Bank’s Executive General Manager (EGM) Chief Financial 
Oﬃcer. As sustainability is an integral part of our corporate 
strategy, EGM-level representatives from across Commercial 
Bank’s strategic business units sit on the Sustainability 
Committee.
Stakeholder engagement
We recognize that engagement with our stakeholders is 
critical to the success of our business. By engaging with 
our stakeholders, actioning stakeholder feedback and by 
delivering on the 5Cs of our ﬁve-year strategic plan, we 
believe we will achieve the “6th C of Commercial Bank” – 
their Conﬁdence and trust.
Sustainable Finance
Financial Inclusion
Risk Management
Support for SMEs
Responsible Procurement and
Supply Chain Management
Exceptional
Client Experience
Customer Privacy
and Data Security
Digital
Innovation
Governance
and Compliance
Talent Attraction,
       Development and
           Retention
               Diversity and Inclusion
                         Community Investment
                                      Environmental Impact of
                                                   our Operations
Corporate Earnings
Quality
Client
Experience
Creativity
& Innovation
Culture
Compliance
5Cs
Sustainability continued
cbq.qa
68

Below are our key stakeholder groups, and our key engagement methods:
Stakeholder
Engagement methods
Needs and expectations
Customers
• CBQ Mobile App and online banking
• Branches
• Client Engagement and Call Centre
• Website
• Social media
• Digital banking and self-service channels
• Exceptional customer experience
• Competitive products
Investors
• Annual General Meeting
• Quarterly analyst calls
• Annual Investor Analyst Day
• Annual Reports
• Sustainable ﬁnancial performance
• Transparency and credibility of 
communications
• Delivered dividends
Employees
• Quarterly town halls
• Internal communications
• Employee engagement survey
• National Development Programme
• Mandatory training and leader-led training
• CB Staﬀ Club, CB Chamber of Innovation
• Competitive rewards
• Professional development
• Fairness and equal opportunity
Regulators
• Compliance with applicable laws and 
regulations
• Public disclosures via QSE, Annual 
Corporate
• Governance Report, Annual Report
• Strong governance and risk management
• Compliance with all legal and regulatory 
requirements
Community
• Comprehensive CSR programme focused 
on the local community
• Making a positive contribution to the Qatari 
community
• Employment opportunities
Suppliers
• Close to 600 active suppliers
• Transparent and audited processes for 
supplier selection
• Timely payment
• Fair and transparent tender process
Materiality
We conducted a materiality assessment to identify issues that have the most importance to our business (by their signiﬁcance 
of economic, environmental and social impacts) and our stakeholders.
The Sustainability Committee reviews the materiality matrix while considering our sustainability strategy, Commercial Bank’s 
sustainability related risks and opportunities, the needs of our stakeholders, industry trends, the Qatar National Vision 2030, 
the Qatar National Environment and Climate Change Strategy and the UNSDGs. 
ANNUAL REPORT 2 024
69

1.   Sustainable ﬁnance
 
2.   Risk management
3.   Support for SMEs 
4.   Financial inclusion and accessibility
5.   Responsible procurement & supply chain management
6.   Exceptional client experience
7.   Customer privacy and data security
8.   Digital innovation
9.   Environmental impact of our operations
10. Talent attraction, development and retention
11.   Diversity and inclusion
12.  Community investment
13.  Governance and Compliance
2
Inﬂuence on stakeholder assessments and decisions
12
9
4
3 5
7 6
1
8
10
13
11
Signiﬁcance of economic, environmental, & social impacts
Alignment of material topics with UNSDGs
8 Digital innovation
9 Environmental impact 
of our operations
10
Talent attraction, 
development and 
retention
11 Diversity and inclusion
12 Community investment
13 Governance and 
Compliance
1
Sustainable ﬁnance
2 Risk management
3 Support for SMEs
4 Financial inclusion and 
accessibility
5
Responsible 
procurement and supply 
chain management
6 Exceptional client 
experience
7 Customer privacy and 
data security
Sustainability continued
cbq.qa
70

Sustainable Finance Framework
The Bank launched its inaugural Sustainable Finance Framework in 2023, and intends to use it as a tool to support the 
2030 Vision and Qatar’s National Environment and Climate Change Strategy through enabling business growth and 
supporting our clients in their transition towards to sustainability.
Further, the Bank, along with its wholly owned subsidiaries, intends to use the Framework as the basis to issue Green, 
Social or Sustainability Bonds, Sukuks and Loans (“Sustainable Financing Instruments”). The Sustainable Financing 
Instruments will fund Eligible Sustainable Projects that conform to the sustainable ﬁnance principles listed below:
• the International Capital Market Association (“ICMA”) Green Bond Principles (“GBPs”) 2021 (within June 2022 Appendix 
1), Social Bond Principles (“SBPs”) 2023   and Sustainability Bond Guidelines (“SBGs”) 2021; and/or 
• the Loan Market Association (“LMA”) Green Loan Principles (“GLPs”) 2023 and Social Loan Principles (“SLPs”) 2023.
Key components of the Framework 
Commercial Bank will allocate an amount at least equivalent to the net proceeds of the Sustainable Financing Instruments 
issued under the Framework to ﬁnance and/or re-ﬁnance, in whole or in part, sustainable projects which meet the 
eligibility criteria of the following Eligible Sustainable Project categories (“Eligible Sustainable Projects”).
Use of
Proceeds
Process
for Project
Evaluation and
Selection
Management
of Proceeds
Reporting
ANNUAL REPORT 2 024
71

Sustainable Finance Framework
Renewable Energy
Clean Transportation
Green Buildings
Energy Eﬃciency 
Sustainable Water and Wastewater Management
Pollution Prevention and Control
Employment Generation, and Programs Designed to Prevent and/or Alleviate 
Unemployment Stemming from Socio-economic Crises
Food Security and Sustainable Food Systems
Access to Essential Services (Healthcare and Education)
Aﬀordable Basic Infrastructure
The Bank has established clear parameters for excluding ineligible projects or activities for ﬁnancing or investing in line with 
regulatory and market standards. 
Debut Green Bond
Pursuant to the Sustainable Finance Framework, Commercial Bank issued a CHF 225 million Green Bond in September 2024 
with broad institutional investor base.
The Bank expects to allocate the proceeds to categories such as Sustainable Water and Wastewater Management, Green 
Buildings and Clean Transportation, which is expected to contribute towards achieving the goals of Qatar National Vision 2030 
and Qatar’s National Environment and Climate Change Strategy.
Eligible Green Categories
Eligible Social Categories
Sustainability continued
cbq.qa
72

CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2024

cbq.qa
74
Independent Auditor’s Report
To the Shareholders of The Commercial Bank (P.S.Q.C.)
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated ﬁnancial statements of The Commercial Bank P.S.Q.C. (the ‘Bank’) and its subsidiaries (together 
the ‘Group’), which comprise the consolidated statement of ﬁnancial position as at 31 December 2024, the consolidated 
statements of income, comprehensive income, changes in equity and cash ﬂows for the year then ended, and notes, comprising 
material accounting policies and other explanatory information.
In our opinion, the accompanying consolidated ﬁnancial statements present fairly, in all material respects, the consolidated 
ﬁnancial position of the Group as at 31 December 2024, and its consolidated ﬁnancial performance and its consolidated cash 
ﬂows for the year then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards 
Board (IFRS Accounting Standards).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards 
are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our 
report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants 
International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), 
together with the ethical requirements that are relevant to our audit of the Bank’s consolidated ﬁnancial statements in the State 
of Qatar, and we have fulﬁlled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We 
believe that the audit evidence we have obtained is suﬃcient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most signiﬁcance in our audit of the consolidated 
ﬁnancial statements of the current period. These matters were addressed in the context of our audit of the consolidated ﬁnancial 
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Impairment of loans and advances to customers
See Notes 4(b) and 10 to the consolidated ﬁnancial statements.
The key audit matter
How the matter was addressed in our audit
We focused on this area because:
• of the signiﬁcance of loans and advances representing 
55.2% of total assets.
• impairment of loans and advances involves:
 - complex estimates and judgement over both timing 
and recognition of impairment including susceptibility 
to management bias.
 - use of statistical models and methodologies for 
determination of expected credit losses. The Group 
exercises signiﬁcant judgments and makes a number 
of assumptions in developing its ECL models which 
is determined as a function of the assessment of the 
probability of default (“PD”), loss given default (“LGD”), 
and exposure at default (“EAD”) associated with the 
underlying ﬁnancial assets; and
Our audit procedures, amongst others, to address signiﬁcant 
risks associated with impairment of loans and advances 
included:
• Evaluating the appropriateness of the accounting policies 
adopted based on the requirements of IFRS 9, our business 
understanding, and industry practice.
• Conﬁrming our understanding of management’s processes, 
systems and controls implemented, including controls over 
expected credit loss (“ECL”) model development.
Controls testing
We performed process walkthroughs to identify the key 
systems, applications and controls used in the ECL processes. 
We tested the relevant General IT controls over key systems 
associated with the ECL process. Key aspects of our control 
testing involved the following:

ANNUAL REPORT 2024
75
Report on the Audit of the Consolidated Financial Statements (continued)
Key Audit Matters (continued)
Impairment of loans and advances to customers (continued)
See Notes 4(b) and 10 to the consolidated ﬁnancial statements.
The key audit matter
How the matter was addressed in our audit
 - complex disclosure requirements regarding credit 
quality of the portfolio including explanation of key 
judgments and material inputs used in determination 
of expected credit losses. 
• the need to measure ECLs on an unbiased forward-
looking basis incorporating a range of economic 
conditions. Signiﬁcant management judgment is applied 
in determining the economic scenarios used and the 
probability weighting applied to them; and adjustments 
to the ECL model results are made by management 
to address known impairment model limitations or 
emerging trends or risks. 
• Testing the controls over the inputs and assumptions used 
to derive the credit ratings for the borrowers, including 
performing and non-performing loans and its monitoring 
process;
• Testing the design and operating eﬀectiveness of the key 
controls over the completeness and accuracy of the key 
inputs and assumption elements into the IFRS 9 ECL models;
• Testing controls over the modelling process, including 
governance over model monitoring, validation and 
approval;
• Testing key controls relating to selection and implementation 
of material economic variables; and
• Testing controls over the governance and assessment of 
model outputs and authorisation and review of post model 
adjustments and management overlays including selection 
of economic scenarios and the probability weights applied 
to them. 
Test of details
Key aspects of our testing involved:
• Sample testing over key inputs and assumptions impacting 
ECL calculations including economic forecasts to conﬁrm 
the accuracy of information used;
• Re-performing key aspects of the Group’s signiﬁcant 
increase in credit risk (“SICR”) determinations and selecting 
samples of ﬁnancial instruments to determine whether a 
SICR was appropriately identiﬁed;
• Re-performing key elements of the Group’s model 
calculations and assessing performance results for 
accuracy; and
• Selecting a sample of post model adjustments and 
management overlays in order to assess the reasonableness 
of the adjustments by challenging key assumptions, testing 
the underlying calculation and testing any relevant inputs 
being used.
Use of specialists
For the relevant portfolios examined, we have involved KPMG 
specialists to assist us in assessing associated IT system 
controls and challenging key management assumptions used 
in determining expected credit losses. Key aspects include:
• Involving our information technology specialists to test 
controls over the associated IT systems.
Independent Auditor’s Report continued

cbq.qa
76
Report on the Audit of the Consolidated Financial Statements (continued)
Key Audit Matters (continued)
Impairment of loans and advances to customers (continued)
See Notes 4(b) and 10 to the consolidated ﬁnancial statements.
The key audit matter
How the matter was addressed in our audit
• Involving our credit risk specialists in:
 - evaluating the appropriateness of the Groups’ ECL 
methodologies (including the staging criteria used);
 - re-performing the calculations of certain components 
of the ECL model (including the staging criteria);
 - evaluating the appropriateness of the Group’s 
methodology for determining the economic scenarios 
used and the probability weighting applied to them; and
 - evaluating the overall reasonableness of the 
management economic forecast by comparing it to 
external market data and our understanding of the 
underlying sector and macroeconomic trends.
Disclosures
• Evaluating the adequacy of the Group’s disclosure in 
relation to use of signiﬁcant estimates and judgment and 
credit quality of loans and advances by reference to the 
requirements of relevant accounting standards. 
Other Information
The Board of Directors is responsible for the other information. The other information comprises the information included in the 
Bank’s Annual Report, but does not include the consolidated ﬁnancial statements and our auditor’s report thereon. The Annual 
report is expected to be made available to us after the date of this auditor’s report.
Our opinion on the consolidated ﬁnancial statements does not cover the other information and we do not and will not express 
any form of assurance conclusion thereon.
In connection with our audit of the consolidated ﬁnancial statements, our responsibility is to read the other information identiﬁed 
above and, in doing so, consider whether the other information is materially inconsistent with the consolidated ﬁnancial 
statements, or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
Responsibilities of Board of Directors for the Consolidated Financial Statements
The Board of Directors is responsible for the preparation and fair presentation of the consolidated ﬁnancial statements in 
accordance with IFRS Accounting Standards, and for such internal control as the Board of Directors determines is necessary to 
enable the preparation of consolidated ﬁnancial statements that are free from material misstatement, whether due to fraud or 
error.
In preparing the consolidated ﬁnancial statements, the Board of Directors is responsible for assessing the Group’s ability to 
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of 
accounting unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic 
alternative but to do so.
Independent Auditor’s Report continued

ANNUAL REPORT 2024
77
Report on the Audit of the Consolidated Financial Statements (continued)
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated ﬁnancial statements as a whole are free from 
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable 
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a 
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or 
in the aggregate, they could reasonably be expected to inﬂuence the economic decisions of users taken on the basis of these 
consolidated ﬁnancial statements. 
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout 
the audit. We also:
• 
Identify and assess the risks of material misstatement of the consolidated ﬁnancial statements, whether due to fraud or 
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suﬃcient and 
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is 
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations 
or the override of internal control.
• 
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in 
the circumstances.
• 
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related 
disclosures made by the Board of Directors. 
• 
Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the 
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signiﬁcant 
doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required 
to draw attention in our auditor’s report to the related disclosures in the consolidated ﬁnancial statements or, if such 
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date 
of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. 
• 
Evaluate the overall presentation, structure and content of the consolidated ﬁnancial statements, including the disclosures, 
and whether the consolidated ﬁnancial statements represent the underlying transactions and events in a manner that 
achieves fair presentation.
• 
Plan and perform group audit to obtain suﬃcient appropriate audit evidence regarding the ﬁnancial information of the 
entities or business units within the Group as a basis for forming an opinion on the group ﬁnancial statements. We are 
responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We 
remain solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and 
signiﬁcant audit ﬁndings, including any signiﬁcant deﬁciencies in internal control that we identify during our audit.
We also provide the Board of Directors with a statement that we have complied with relevant ethical requirements regarding 
independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our 
independence, and where applicable, actions taken to eliminate threats or safeguards applied. 
Independent Auditor’s Report continued

cbq.qa
78
Report on the Audit of the Consolidated Financial Statements (continued)
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements (continued)
From the matters communicated with the Board of Directors, we determine those matters that were of most signiﬁcance in the 
audit of the consolidated ﬁnancial statements of the current period and are therefore the key audit matters. We describe these 
matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare 
circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of 
doing so would reasonably be expected to outweigh the public interest beneﬁts of such communication.
Report on Other Legal and Regulatory Requirements
As required by the Qatar Commercial Companies Law No. 11 of 2015, whose certain provisions were subsequently amended by 
Law No. 8 of 2021 (“amended QCCL”)  we also report that:
i. 
We have obtained all the information and explanations we considered necessary for the purposes of our audit. 
ii. The Bank has maintained proper accounting records and its consolidated ﬁnancial statements are in agreement therewith. 
iii. The report of the Board of Directors is expected to be made available to us after the date of this auditor’s report.
iv. We are not aware of any violations of the applicable provisions of the amended QCCL or the terms of the Bank’s Articles of 
Association having occurred during the year which might have had a material eﬀect on the Bank’s consolidated ﬁnancial 
position or performance as at and for the year ended 31 December 2024. 
Gopal Balasubramaniam 
Doha - State of Qatar
KPMG 
Date: 23 February 2025
Qatar Auditor’s Registry Number 251
Licensed by QFMA: External
Auditor’s License No. 120153
Independent Auditor’s Report continued

ANNUAL REPORT 2024
79
Consolidated Statement of 
Financial Position
QAR ‘000s
As at
Notes
31 December 
2024
31 December 
2023
ASSETS
Cash and balances with central banks
8
7,306,830
8,631,193
Due from banks
9
20,705,383
20,525,334
Loans and advances to customers
10
91,480,008
91,490,410
Investment securities
11
33,228,625
30,762,358
Investment in associates and a joint arrangement
12
3,659,348
3,373,307
Property and equipment
13
3,085,020
3,062,799
Intangible assets
14
88,517
62,410
Other assets
15
6,259,265
6,468,460
TOTAL ASSETS
165,812,996
164,376,271
LIABILITIES
Due to banks
16
20,840,281
18,805,257
Customer deposits
17
77,006,817
76,541,228
Debt securities
18
10,734,890
7,899,400
Other borrowings
19
24,729,655
26,266,888
Other liabilities
20
6,012,609
10,457,673
TOTAL LIABILITIES
139,324,252
139,970,446
EQUITY
Share capital
21
4,047,254
4,047,254
Legal reserve
21
10,203,933
10,024,432
General reserve
21
26,500
26,500
Risk reserve
21
2,274,574
2,274,574
Fair value reserve
21
(557,990)
(390,373)
Cash Flow hedge reserve
21
(6,127)
(163,970)
Foreign currency translation reserve
21
(2,464,328)
(2,718,529)
Other reserves
21
1,420,600
1,137,954
Revaluation reserve
21
1,251,466
1,140,161
Employee incentive phantom scheme shares
21
(1,114,988)
(1,139,524)
Retained earnings
5,587,847
4,347,343
Instruments eligible for additional capital
21
5,820,000
5,820,000
TOTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE BANK
26,488,741
24,405,822
Non-controlling interests
3
3
TOTAL EQUITY
26,488,744
24,405,825
TOTAL LIABILITIES AND EQUITY
165,812,996
164,376,271
The consolidated ﬁnancial statements were approved by the Board of Directors on 21 January 2025 and were signed on its 
behalf by:
Sheikh Abdulla Bin Ali Bin Jabor Al Thani
Mr. Omar Hussain Alfardan
Mr. Joseph Abraham
Chairman
Managing Director
Group Chief Executive Oﬃcer
The attached notes 1 to 40 form an integral part of these consolidated ﬁnancial statements.

cbq.qa
80
QAR ‘000s
For the year ended 31 December
Notes
2024
2023
Interest income
24
9,452,945
9,537,759
Interest expense
25
(6,135,720)
(5,670,418)
Net interest income
3,317,225
3,867,341
Fee and commission income
26
1,611,754
1,637,736
Fee and commission expense
27
(719,826)
(832,291)
Net fee and commission income
891,928
805,445
Net foreign exchange (loss) / gain
28
(94,248)
528,366
Net income from investment securities
29
261,673
248,669
Other operating income
30
179,465
39,672
Net operating income
4,556,043
5,489,493
Staﬀ costs
31
(633,207)
(771,381)
Depreciation
13
(221,579)
(237,134)
Amortization of intangible assets
14
(51,447)
(66,555)
Other expenses
32
(366,960)
(365,754)
Operating expenses
(1,273,193)
(1,440,824)
Operating proﬁt
3,282,850
4,048,669
Net impairment losses on loans and advances to customers
10
(330,371)
(990,711)
Net impairment reversals on investment securities
22,037
5,798
Net impairment reversals on other ﬁnancial assets
97,278
109,201
Other provisions
(256,108)
(41,679)
2,815,686
3,131,278
Net monetary losses due to hyperinﬂation
(131,761)
(334,983)
Proﬁt before share of results of associates and a joint arrangement
2,683,925
2,796,295
Share of results of associates and a joint arrangement
12
329,739
294,170
Proﬁt before tax
3,013,664
3,090,465
Income tax credit / (expense)
33
18,407
(80,238)
Proﬁt for the year
3,032,071
3,010,227
Attributable to:
Equity holders of the bank
3,032,071
3,010,227
Non-controlling interests
-
-
Proﬁt for the year
3,032,071
3,010,227
Earnings per share
Basic/Diluted earnings per share (QAR)
34
0.71
0.71
Consolidated Statement of Income 
The attached notes 1 to 40 form an integral part of these consolidated ﬁnancial statements.

ANNUAL REPORT 2024
81
QAR ‘000s
For the year ended 31 December
Note
2024
2023
Proﬁt for the year
3,032,071
3,010,227
Other comprehensive income for the year:
Items that are, or will be subsequently reclassiﬁed to proﬁt or loss:
Foreign currency translation diﬀerences from foreign operations
22
(612,139)
(571,127)
Eﬀect of hyperinﬂation impact
866,340
543,518
Share of other comprehensive income of investment in associates and a 
joint arrangement
22
5,690
13,654
Net movement in cashﬂow hedge reserve:
Net movement in cash ﬂow hedges-eﬀective portion of changes in fair 
value
22
37,140
(257,768)
Net amount transferred to consolidated statement of income
22
120,703
205,786
Net change in fair value of investments in debt securities at FVOCI :
Net change in fair value
22
(175,842)
(27,466)
Net amount transferred to consolidated statement of income
22
(132)
(1,381)
Items that will not be subsequently reclassiﬁed to proﬁt or loss:
Net change in fair value of equity investments at FVOCI
22
4,963
(153,524)
Share of other comprehensive income of investment in associates and a 
joint arrangement
22
(2,296)
4,922
Gain on revaluation on land and buildings
111,305
57,825
Other comprehensive income / (loss) for the year
355,732
(185,561)
Total comprehensive income for the year
3,387,803
2,824,666
Attributable to:
Equity holders of the bank
3,387,803
2,824,666
Non-controlling interests
-
-
Total comprehensive income for the year
3,387,803
2,824,666
Consolidated Statement of 
Comprehensive Income
The attached notes 1 to 40 form an integral part of these consolidated ﬁnancial statements.

cbq.qa
82
For the year ended 31 December 
2024
Notes
Share 
Capital
Legal 
 Reserve
General 
Reserve
Risk 
Reserve
Fair Value 
Reserve
Cash Flow 
Hedge 
Reserve
Balance as at 1 January 2024
4,047,254 10,024,432
26,500 2,274,574 (390,373) (163,970)
Proﬁt for the year
-
-
-
-
-
-
Other comprehensive (loss) / 
income
21
-
-
-
-
(167,617)
157,843
Total comprehensive income for 
the year
-
-
-
-
(167,617)
157,843
Transfer to legal reserve
21
-
179,501
-
-
-
-
Dividend for instruments eligible 
for additional capital
-
-
-
-
-
-
Net movement in other reserves
-
-
-
-
-
-
Net movement in the Employee 
incentive phantom scheme shares
-
-
-
-
-
-
Provision for Sports and Social 
Activities Support Fund
23
-
-
-
-
-
-
Dividends for the year 2023
21
-
-
-
-
-
-
Balance as at 31 December 2024
4,047,254
10,203,933
26,500 2,274,574 (557,990)
(6,127)
Consolidated Statement of 
Changes in Equity
The attached notes 1 to 40 form an integral part of these consolidated ﬁnancial statements.

ANNUAL REPORT 2024
83
QAR ‘000s
Foreign 
Currency 
Translation 
Reserve
Other 
Reserves
Revaluation 
Reserve
Employees 
incentive 
phantom 
scheme 
shares
Retained 
Earnings
Instruments 
Eligible for 
Additional 
Capital
Total Equity 
Attributable 
to Equity 
Holders of 
the Bank
Non-
Controlling 
Interests
Total Equity
(2,718,529)
1,137,954
1,140,161 (1,139,524)
4,347,343 5,820,000 24,405,822
3 24,405,825
-
-
-
-
3,032,071
-
3,032,071
-
3,032,071
254,201
-
111,305
-
-
-
355,732
-
355,732
254,201
-
111,305
-
3,032,071
-
3,387,803
-
3,387,803
-
-
-
-
(179,501)
-
-
-
-
-
-
-
-
(283,720)
-
(283,720)
-
(283,720)
-
282,646
-
-
(282,646)
-
-
-
-
-
-
-
24,536
41,916
-
66,452
-
66,452
-
-
-
-
(75,802)
-
(75,802)
-
(75,802)
-
-
-
-
(1,011,814)
-
(1,011,814)
-
(1,011,814)
(2,464,328) 1,420,600
1,251,466 (1,114,988) 5,587,847 5,820,000 26,488,741
3 26,488,744

cbq.qa
84
Consolidated Statement of 
Changes in Equity continued
For the year ended 31 December 
2023
Notes
Share 
Capital
Legal 
 Reserve
General 
Reserve
Risk 
Reserve
Fair Value 
Reserve
Cash Flow 
Hedge 
Reserve
Balance as at 1 January 2023
4,047,254
9,877,879
26,500
2,274,574
(255,047)
(111,988)
Proﬁt for the year
-
-
-
-
-
-
Other comprehensive (loss) / 
income
21
-
-
-
-
(163,795)
(51,982)
Total comprehensive income for 
the year
-
-
-
-
(163,795)
(51,982)
Transfer to legal reserve
21
-
146,553
-
-
-
-
Transfer to retained earnings 
upon disposal of FVOCI equity 
investments
-
-
-
-
28,469
-
Dividend for Instruments eligible 
for additional capital
-
-
-
-
-
-
Net movement in other reserves
-
-
-
-
-
-
Net movement in the Employee 
incentive phantom scheme shares
-
-
-
-
-
-
Provision for Sports and Social 
Activities Support Fund
23
-
-
-
-
-
-
Dividends for the year 2022
21
-
-
-
-
-
-
Balance as at 31 December 2023
4,047,254
10,024,432
26,500
2,274,574
(390,373)
(163,970)
The attached notes 1 to 40 form an integral part of these consolidated ﬁnancial statements.

ANNUAL REPORT 2024
85
QAR ‘000s
Foreign 
Currency 
Translation 
Reserve
Other 
Reserves
Revaluation 
Reserve
Employees 
incentive 
phantom 
scheme 
shares
Retained 
Earnings
Instruments 
Eligible for 
Additional 
Capital
Total Equity 
Attributable to 
Equity Holders 
of the Bank
Non-
Controlling 
Interests
Total Equity
(2,690,920)
884,977
1,082,336
(1,114,872)
3,012,240
5,820,000
22,852,933
3
22,852,936
-
-
-
-
3,010,227
-
3,010,227
-
3,010,227
(27,609)
-
57,825
-
-
-
(185,561)
-
(185,561)
(27,609)
-
57,825
-
3,010,227
-
2,824,666
-
2,824,666
-
-
-
-
(146,553)
-
-
-
-
-
-
-
-
(28,469)
-
-
-
-
-
-
-
-
(283,720)
-
(283,720)
-
(283,720)
-
252,977
-
-
(252,977)
-
-
-
-
-
-
-
(24,652)
123,665
-
99,013
-
99,013
-
-
-
-
(75,256)
-
(75,256)
-
(75,256)
-
-
-
(1,011,814)
-
(1,011,814)
-
(1,011,814)
(2,718,529)
1,137,954
1,140,161
(1,139,524)
4,347,343
5,820,000
24,405,822
3
24,405,825

cbq.qa
86
QAR ‘000s
For the year ended 31 December
Notes
2024
2023
Cash ﬂows from operating activities
Proﬁt before tax
3,013,664
3,090,465
Adjustments for:
Net impairment losses on loans and advances to customers
330,371
990,711
Net impairment reversals on investment securities
(22,037)
(5,798)
Net impairment reversals on other ﬁnancial assets
(97,278)
(109,201)
Depreciation
13
221,579
237,134
Amortization of intangible assets and transaction costs
99,361
175,235
Net income from investment securities
(30,837)
(13,522)
Other provisions
256,108
41,679
Loss on disposal of property and equipment
768
15,778
Net monetary losses due to hyperinﬂation
131,761
334,983
Share of results of associates and a joint arrangement
(329,739)
(294,170)
Operating proﬁt before working capital changes
3,573,721
4,463,294
Working capital changes
Change in due from banks
(3,435,282)
772,503
Change in loans and advances to customers
(766,507)
2,671,992
Change in other assets
(138,797)
(428,091)
Change in due to banks
1,954,846
(4,886,157)
Change in customer deposits
1,064,544
(5,000,509)
Change in other liabilities
(4,428,278)
225,590
Contribution to social and sports fund
(75,257)
(70,278)
Cash used in Operations
(2,251,010)
(2,251,656)
Income tax paid
(14,560)
(73,499)
Net cash ﬂows used in operating activities
(2,265,570)
(2,325,155)
Cash ﬂows from investing activities
Acquisition of investment securities
(13,557,821)
(7,683,992)
Dividend received from associates and a joint arrangement
47,093
41,193
Proceeds from sale/maturity of investment securities 
10,807,371
6,269,049
Acquisition of property and equipment and intangible assets
(189,262)
(208,293)
Proceeds from the sale of property and equipment and other assets
4,462
13,419
Net cash ﬂows used in investing activities
(2,888,157)
(1,568,624)
The attached notes 1 to 40 form an integral part of these consolidated ﬁnancial statements.
Consolidated Statement  
of Cash Flows

ANNUAL REPORT 2024
87
The attached notes 1 to 40 form an integral part of these consolidated ﬁnancial statements.
QAR ‘000s
For the year ended 31 December
Notes
2024
2023
Cash ﬂows from ﬁnancing activities
Proceeds from issue of debt securities
18
5,364,990
662,601
Repayment of debt securities
18
(2,471,279)
(3,569,450)
Repayment of other borrowings
19
(9,812,520)
(5,391,521)
Proceeds from other borrowings
19
9,317,130
15,324,265
Payment of lease liability
(143,350)
(131,883)
Payment on coupon of instrument eligible for additional Tier 1 Capital
(283,720)
(283,720)
Dividends paid
(1,011,814)
(1,011,814)
Net cash ﬂows from ﬁnancing activities
959,437
5,598,478
Net (decrease) / increase in cash and cash equivalents
(4,194,290)
1,704,699
Eﬀect of exchange rate ﬂuctuation
(574,870)
(378,541)
Cash and cash equivalents as at 1 January
15,626,522
14,300,364
Cash and cash equivalents at the end of the year
36
10,857,362
15,626,522
Net cash ﬂows from interest and dividend from operating activities:
Interest paid
6,205,986
5,298,394
Interest received
9,339,976
9,557,055
Dividend received
230,836
235,147
Consolidated Statement  
of Cash Flows continued

cbq.qa
88
1. REPORTING ENTITY
 
The Commercial Bank (P.S.Q.C.) (the “Bank”) is an entity domiciled in the State of Qatar and was incorporated in 1974 as a 
public shareholding company under Emiri Decree No.73 of 1974. The commercial registration number of the Bank is 150. 
The address of the Bank’s registered oﬃce is PO Box 3232, Doha, State of Qatar. The consolidated ﬁnancial statements of 
the Bank comprise the Bank and its subsidiaries (together referred to as the “Group”). The Group is primarily engaged in 
conventional banking, brokerage services and the credit card business and operates through its head oﬃce, branches and 
subsidiaries.
 
Legal subsidiaries of the Group are as follows:
Name of subsidiary
Country of 
incorporation
Capital of the 
subsidiary
Activity of the 
subsidiary
Percentage of 
ownership
2024
2023
Alternatifbank A.S.
Turkey
TRY 2,213,740,000
Banking services
100%
100%
Commercial Bank Financial 
Services L.L.C.
Qatar
QAR 700,000,000
Brokerage services
100%
100%
CBQ Finance Limited
Bermuda
US$ 1,000
Debt issuance for the 
Bank
100%
100%
CB Global Trading Limited
Cayman Islands
US$ 1
Financial services
100%
100%
CB Innovation Services L.L.C.
Qatar
QAR 3,640
Management services
100%
100%
CB Asset Management L.L.C.
Qatar
QAR 50,000,000
Wealth Management
100%
100%
CB Leasing Company L.L.C.
Qatar
QAR 50,000,000
Leasing
100%
100%
Orient 1 Limited
Bermuda
US$ 20,000,000
Financial services-
(Liquidated)
100%
100%
CB Real Estate Properties L.L.C. Qatar
QAR 1,000
Advisory services
100%
100%
2. BASIS OF PREPARATION
(a) Statement of compliance
 
The consolidated ﬁnancial statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”) issued by 
the International Accounting Standards Board (“IASB”).
 
The Group presents its consolidated statement of ﬁnancial position broadly in the order of liquidity. An analysis regarding 
recovery or settlement of assets/liabilities within twelve months after the end of the reporting date (“current”) and more 
than twelve months after the reporting date (“non-current”) is presented in Note 4(c) (iii).
(b) Basis of measurement
 
The consolidated ﬁnancial statements have been prepared on the historical cost basis except for the following assets and 
liabilities that are measured at fair value:
 
• 
derivative ﬁnancial instruments;
 
• 
investments measured at fair value through proﬁt or loss (‘FVTPL’);
 
• 
other ﬁnancial assets designated at fair value through proﬁt or loss (‘FVTPL’);
 
• 
ﬁnancial investment measured at fair value through other comprehensive income (‘FVOCI’);
Notes to the Consolidated 
Financial Statements
As at and for the year ended 31 December 2024 
QAR ‘000s

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
89
2. BASIS OF PREPARATION (continued)
(b) Basis of measurement (continued)
 
• 
land and buildings;
 
• 
the carrying values of recognized assets and liabilities that are hedged items in quantifying fair value hedges, and 
otherwise carried at amortized cost, are adjusted to record changes in fair value attributable to the risks that are being 
hedged;
 
• 
Staﬀ cost related to IFRS 2; and
 
• 
Non-ﬁnancial assets acquired in settlement of Loans and advances.
(c) Functional and presentation currency
 
These consolidated ﬁnancial statements are presented in Qatari Riyals (“QAR”), which is the Bank’s functional and 
presentation currency. Except as otherwise indicated, ﬁnancial information presented in QAR has been rounded to the 
nearest thousand.
(d) Use of estimates and judgments
 
The preparation of the consolidated ﬁnancial statements in conformity with IFRS which requires management to make 
judgements, estimates and assumptions that aﬀect the application of accounting policies and the reported amounts of 
assets, liabilities, income and expenses. Actual results may diﬀer from these estimates.
 
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized 
in the period in which the estimate is revised and in any future periods aﬀected.
 
Information about signiﬁcant areas of estimation uncertainty and critical judgements in applying accounting policies 
that have the most signiﬁcant eﬀect on the amounts recognized in the consolidated ﬁnancial statements are described in 
Note 5.
3. MATERIAL ACCOUNTING POLICIES
 
The accounting policies set out below have been applied consistently to all periods presented in these consolidated 
ﬁnancial statements, and have been applied consistently by the Group entities.
(a) New standards, amendments and interpretations
 
New standards, amendments and interpretations eﬀective from 1 January 2024
 
The following standards, amendments and interpretations, became eﬀective as of 1 January 2023, are relevant to the 
Group:
 
Eﬀective from
 
Classiﬁcation of Liabilities as Current or Non-current (Amendments to IAS 1) 
1 January 2024
 
Non-current Liabilities with Covenants (Amendments to IAS 1) 
1 January 2024
 
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) 
1 January 2024
 
Disclosures: Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) 
1 January 2024
 
These have no material impact on the consolidated ﬁnancial statements.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
90
3. MATERIAL ACCOUNTING POLICIES (continued)
(a) New standards, amendments and interpretations (continued)
 
Standards issued but not yet eﬀective
 
A number of standards and amendments to standards are issued but not yet eﬀective and the Group has not adopted 
these in the preparation of these consolidated ﬁnancial statements. The below standards may have a signiﬁcant impact on 
the Group’s consolidated ﬁnancial statements, however, the Group is currently evaluating the impact of these new standards. 
The Group will adopt these new standards on the respective eﬀective dates.
 
Lack of Exchangeability – Amendments to IAS 21 
1 January 2025
 
Amendments to the Classiﬁcation and Measurement of Financial Instruments – 
 
Amendments to IFRS 9 and IFRS 7 
1 January 2026
 
Annual Improvements to IFRS Accounting Standards – Volume 11 
1 January 2026
 
IFRS 18, Presentation and Disclosure in Financial Statements 
1 January 2027
 
IFRS 19, Subsidiaries without Public Accountability: Disclosures 
1 January 2027
 
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
 
(Amendments to IFRS 10 and IAS 28) 
Deferred indeﬁnitely
(b) Basis of consolidation
 
(i) Business combination
 
 
For acquisitions meeting the deﬁnition of a business under IFRS 3, the acquisition method of accounting is used as at 
the acquisition date, which is the date on which control is transferred to the Group.
 
 
The Group measures goodwill at the acquisition date as follows:
 
 
• 
The fair value of the consideration transferred; plus
 
 
• 
The recognised amount of any non-controlling interest in the acquiree; plus if the business combination is 
achieved in stages, the fair value of the existing equity interest in the acquiree; less
 
 
• 
The net recognised amount (generally fair value) of the identiﬁable assets acquired, including any assets which the 
 acquiree has not previously recognized, and liabilities assumed.
 
 
When this total is negative, a bargain purchase gain is recognised immediately in the consolidated statement of income.
 
 
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such 
amounts are generally recognised in the consolidated statement of income.
 
 
Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group 
incurs in connection with a business combination are expensed as incurred.
 
 
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held 
equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such 
re-measurement are recognised in the consolidated statement of income.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
91
3. MATERIAL ACCOUNTING POLICIES (continued)
(b) Basis of consolidation (continued)
 
(i) Business combination (continued)
 
 
Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. 
Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is 
recognised in accordance with IFRS 9 either in proﬁt or loss or as a change to other comprehensive income. Contingent 
consideration that is classiﬁed as equity is not re-measured, and its subsequent settlement is accounted for within 
equity.
 
 
The excess of the consideration transferred of any non-controlling interest and the acquisition-date fair value of any 
previous equity interest over the fair value of the identiﬁable net assets acquired is recorded as goodwill. If the total of 
consideration transferred, non-controlling interest recognised and previously held interest measured is less than the 
fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the diﬀerence is recognised 
directly in the consolidated statement of income.
 
 
Transaction costs are expensed as incurred, except if they are related to the issue of debt or equity securities.
 
(ii) Non-controlling interests (NCI)
 
 
In accordance with IFRS 3R, for each business combination, the acquirer can measure, at the acquisition date, 
components of NCI in the acquired business that represent ownership interests and entitle its holders to a proportionate 
share of the entity’s net assets in the event of liquidation at either:
 
 
(a) fair value on the acquisition date; or
 
 
(b) the present ownership instruments’ proportionate share in the recognised amounts of the acquiree’s identiﬁable 
net assets.
 
 
NCI is measured only on initial recognition. The Group measures the NCI at fair value, including its share of goodwill.
 
(iii) Subsidiaries
 
 
Subsidiaries are entities controlled by the Group. The Group ‘controls’ an investee if it is exposed to, or has rights to, 
variable returns from its involvement with the investee and has the ability to aﬀect those returns through its power over 
the investee. The ﬁnancial statements of subsidiaries are included in the consolidated ﬁnancial statements from the 
date on which control commences until the date when control ceases.
 
 
The accounting policies of subsidiaries are consistent with the accounting policies adopted by the Group.
 
(iv) Transactions Eliminated on Consolidation
 
 
The carrying amount of the Group’s investment in each subsidiary and the equity of each subsidiary are eliminated on 
consolidation. All signiﬁcant intra-group balances, transactions and unrealised income and expenses (except for 
foreign currency transaction gains or losses) arising from intra-group transactions are eliminated on consolidation. 
Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of 
impairment.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
92
3. MATERIAL ACCOUNTING POLICIES (continued)
(b) Basis of consolidation (continued)
 
(v) Associates and joint arrangements
 
 
Associates and joint arrangements are entities over which the Group has signiﬁcant inﬂuence but not control, generally 
accompanying a shareholding of between 20% and 50% of the voting rights.
 
 
Investments in associates and joint arrangements are accounted for by the equity method of accounting and are 
initially recognised at cost (including transaction costs directly related to acquisition of investment in associates and 
joint arrangement). The Group’s investment in associates and joint arrangements includes goodwill (net of any 
accumulated impairment loss) identiﬁed on acquisition.
 
 
The Group’s share of its associates’ and joint arrangement’s post-acquisition proﬁts or losses is recognised in the 
consolidated statement of income and its share of post-acquisition reserve movements is recognised in reserves. The 
cumulative post-acquisition movements are adjusted against the carrying amount of the investment net of impairment 
losses (if any). When the Group’s share of losses in an associates and joint arrangements equals or exceeds its interest 
in the associates and joint arrangements, including any other unsecured receivables, the Group does not recognise 
further losses, unless it has incurred obligations or made payments on behalf of the associates and joint arrangement.
 
 
For preparation of the consolidated ﬁnancial statements, equal accounting policies for similar transactions and other 
events in similar circumstances are used.
 
 
Associates’ ﬁnancial statements are being prepared using similar accounting policies and period end as the parent.
 
(vi) Funds management
 
 
The Group manages and administers assets held in unit trusts and other investment vehicles on behalf of investors. 
The ﬁnancial statements of these entities are not included in these consolidated ﬁnancial statements except when the 
Group controls the entity. Information about the Group’s funds management is set out in Note 38.
(c) Foreign currency
 
(i) Foreign currency transactions and balances
 
 
Foreign currency transactions that require settlement in a foreign currency are translated into the respective functional 
currencies of the operations at the spot exchange rates at the date of the transactions.
 
 
Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into the functional 
currency at the spot exchange rate at that date. Non-monetary assets and liabilities denominated in foreign currencies 
that are measured at fair value are retranslated into the functional currency at the spot exchange rate at the date that 
the fair value was determined. Non-monetary assets and liabilities that are measured in terms of historical cost in a 
foreign currency are translated using the exchange rate at the date of the transaction.
 
 
Foreign currency diﬀerences resulting from the settlement of foreign currency transactions and arising on translation 
at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in 
proﬁt or loss except for the foreign currency diﬀerences resulting from the translation of the qualifying cash ﬂow 
hedges to the extent that the hedges are eﬀective, which are recognized in the other comprehensive income.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
93
3. MATERIAL ACCOUNTING POLICIES (continued)
(c) Foreign currency (continued)
 
(ii) Foreign operations
 
 
The results and ﬁnancial position of all the Group’s entities that have a functional currency diﬀerent from the presentation 
currency are translated into the presentation currency as follows:
 
 
- 
Assets and liabilities for each statement of ﬁnancial position presented are translated at the closing rate at the 
reporting date;
 
 
- 
Income and expenses for each statement of income are translated at average exchange rates (unless this average 
is not a reasonable approximation of the cumulative eﬀect of the rates prevailing on the transaction dates, in which 
case income and expenses are translated at the dates of the transactions); and
 
 
- 
All resulting exchange diﬀerences are recognised in other comprehensive income.
 
 
Exchange diﬀerences arising from the above process are reported in equity and NCI as “foreign currency translation 
reserve”.
When the Group has any foreign operation that is in its entirety, or partially disposed of, such that control is lost, such 
exchange diﬀerences are reclassiﬁed to the consolidated statement of income as part of the gain or loss on sale. 
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of 
the foreign entity and translated at the closing rate.
 
 
When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely 
in the foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form 
part of the net investment in the foreign operation and are recognised in other comprehensive income, and presented 
in the foreign exchange translation reserve in equity.
(d) Financial assets and ﬁnancial liabilities
 
(i) Recognition and initial measurement
 
 
The Group initially recognises loans and advances to customers, due from / to banks, customer deposits, debt 
securities and other borrowings on the date at which they are originated. All other ﬁnancial assets and liabilities are 
initially recognised on the trade date at which the Group becomes a party to the contractual provisions of the instrument. 
The ﬁnancial assets and ﬁnancial liabilities are initially measured at fair value, plus any directly attributable transaction 
costs for items not classiﬁed to be measured at FVTPL.
 
(ii) Classiﬁcation
 
 
 
Financial assets
 
 
On initial recognition, a ﬁnancial asset is classiﬁed as measured at: amortised cost, FVOCI or FVTPL.
 
 
A ﬁnancial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at 
FVTPL:
 
 
• 
The asset is held within a business model whose objective is to hold assets to collect contractual cash ﬂows; and
 
 
• 
The contractual terms of the ﬁnancial asset give rise on speciﬁed dates to cash ﬂows that are solely payments of 
principal and interest (SPPI) on the principal amount outstanding.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
94
3. MATERIAL ACCOUNTING POLICIES (continued)
(d) Financial assets and ﬁnancial liabilities (continued)
 
(ii) Classiﬁcation (continued)
 
 
A debt instrument is measured at FVOCI only if it meets both of the following conditions and is not designated as at 
FVTPL:
 
 
• 
The asset is held within a business model whose objective is achieved by both collecting contractual cash ﬂows 
and selling ﬁnancial assets; and
 
 
• 
The contractual terms of the ﬁnancial asset give rise on speciﬁed dates to cash ﬂows that are solely payments of 
principal and interest on the principal amount outstanding.
 
 
On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present 
subsequent changes in fair value in OCI. This election is made on an investment-by-investment basis.
 
 
All other ﬁnancial assets are classiﬁed as measured at FVTPL.
 
 
In addition, on initial recognition, the Group may irrevocably designate a ﬁnancial asset that otherwise meets the 
requirements to be measured at amortised cost or at FVOCI or at FVTPL if doing so eliminates or signiﬁcantly reduces 
an accounting mismatch that would otherwise arise.
 
 
Business model assessment
 
 
The Group makes an assessment of the objective of a business model in which an asset is held at a portfolio level 
because this best reﬂects the way the business is managed and information is provided to management. The 
information considered includes:
 
 
• 
The stated policies and objectives for the portfolio and the operation of those policies in practice.
 
 
• 
How the performance of the portfolio is evaluated and reported to the Group’s management;
 
 
• 
The risks that aﬀect the performance of the business model (and the ﬁnancial assets held within that business 
model) and how those risks are managed;
 
 
• 
How managers of the business are compensated; and
 
 
• 
The frequency, volume and timing of sales in prior periods, the reasons for such sales and its expectations about 
future sales activity.
 
 
Financial assets that are held for trading or managed and whose performance is evaluated on a fair value basis are 
measured at FVTPL because they are neither held to collect contractual cash ﬂows nor held both to collect contractual 
cash ﬂows and to sell ﬁnancial assets.
 
 
Assessment whether contractual cash ﬂows are solely payments of principal and interest
 
 
For the purposes of this assessment, ‘principal’ is deﬁned as the fair value of the ﬁnancial asset on initial recognition. 
‘Interest’ is deﬁned as consideration for the time value of money and for the credit risk associated with the principal 
amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and 
administrative costs), as well as proﬁt margin.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
95
3. MATERIAL ACCOUNTING POLICIES (continued)
(d) Financial assets and ﬁnancial liabilities (continued)
 
(ii) Classiﬁcation (continued)
 
 
Assessment whether contractual cash ﬂows are solely payments of principal and interest (continued)
 
 
In assessing whether the contractual cash ﬂows are solely payments of principal and interest (“the SPPI test”), the 
Group considers the contractual terms of the instrument. This includes assessing whether the ﬁnancial asset contains 
a contractual term that could change the timing or amount of contractual cash ﬂows such that it would not meet this 
condition. In making the assessment, the Group considers contingent events that would change the amount and 
timing of cash ﬂows, prepayment and extension terms, terms that limit the Group’s claim to cash ﬂows from speciﬁed 
assets and features that modify consideration of the time value of money.
 
 
Reclassiﬁcations
 
 
Financial assets are not reclassiﬁed subsequent to their initial recognition, except in the period after the Group changes 
its business model for managing ﬁnancial assets. The reclassiﬁcation takes place from the start of the ﬁrst reporting 
period following the change.
 
 
Financial liabilities
 
 
The Group has classiﬁed and measured its ﬁnancial liabilities at amortized cost.
 
(iii) Derecognition
 
 
The Group derecognises a ﬁnancial asset when the contractual rights to the cash ﬂows from the ﬁnancial asset expire, 
or when it transfers the ﬁnancial asset in a transaction in which substantially all the risks and rewards of ownership of the 
ﬁnancial asset are transferred or in which the Group neither transfers nor retains substantially all the risks and rewards 
of ownership and it does not retain control of the ﬁnancial asset. Any interest in transferred ﬁnancial assets that qualify 
for derecognition that is created or retained by the Group is recognised as a separate asset or liability. On derecognition 
of a ﬁnancial asset, any cumulative gain / loss recognized in OCI as well as the diﬀerence between the carrying amount 
of the asset (or the carrying amount allocated to the portion of the asset transferred), and consideration received 
(including any new asset obtained less any new liability assumed) is recognized in proﬁt or loss, except in case of equity 
securities, where such gain or loss may be reclassiﬁed within equity.
 
 
A ﬁnancial asset (in whole or in part) is derecognised where:
 
 
- 
the rights to receive cash ﬂows from the asset have expired;
 
 
- 
the Group has transferred its rights to receive cash ﬂows from the asset or has assumed an obligation to pay the 
received cash ﬂows in full without material delay to a third party under a ‘pass-through’ arrangement; and either 
(a) the Group has transferred substantially all the risks and rewards of ownership or (b) when it has neither 
transferred nor retained substantially all the risks and rewards and it has retained control over the asset, the Group 
continues to recognise the asset to the extent of its continuing involvement, determined by the extent to which it 
is exposed to changes in the value of the transferred asset.
 
 
The Group enters into transactions whereby it transfers assets recognised, but retains either all or substantially all of 
the risks and rewards of the transferred assets or a portion of them. If all or substantially all risks and rewards are 
retained, then the transferred assets are not derecognised. Transfers of assets with retention of all or substantially all 
risks and rewards include, for example, securities lending and repurchase transactions.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
96
3. MATERIAL ACCOUNTING POLICIES (continued)
(d) Financial assets and ﬁnancial liabilities (continued)
 
(iii) Derecognition (continued)
 
 
When assets are sold to a third party with a concurrent total rate of return swap on the transferred assets, the transaction 
is accounted for as a secured ﬁnancing transaction similar to repurchase transactions as the Group retains all or 
substantially all the risks and rewards of ownership of such assets.
 
 
In transactions in which the Group neither retains nor transfers substantially all the risks and rewards of ownership of a 
ﬁnancial asset and it retains control over the asset, the Group continues to recognise the asset to the extent of its 
continuing involvement, determined by the extent to which it is exposed to changes in the value of the transferred 
asset.
 
 
In certain transactions the Group retains the obligation to service the transferred ﬁnancial asset for a fee. The transferred 
asset is derecognised if it meets the derecognition criteria. An asset or liability is recognised for the servicing contract, 
depending on whether the servicing fee is more than adequate (asset) or is less than adequate (liability) for performing 
the servicing.
 
 
The Group derecognises a ﬁnancial liability when its contractual obligations are discharged, cancelled or expired.
 
(iv) Modiﬁcation of ﬁnancial assets and liabilities
 
 
Financial Assets
 
 
If the terms of a ﬁnancial asset are modiﬁed, the Group evaluates whether the cash ﬂows of the modiﬁed asset are 
substantially diﬀerent. If the cash ﬂows are substantially diﬀerent, then the contractual rights to cash ﬂows from the 
original ﬁnancial asset are deemed to have expired. In this case, the original ﬁnancial asset is derecognised and a new 
ﬁnancial asset is recognised at fair value, and recalculates a new eﬀective interest rate for the asset. The date of 
renegotiation is consequently considered to be the date of initial recognition for impairment calculation purpose, 
including for the purpose of determining whether a signiﬁcant increase in credit risk has occurred.
 
 
If the cash ﬂows of the modiﬁed asset carried at amortised cost are not substantially diﬀerent, then the modiﬁcation 
does not result in derecognition of the ﬁnancial asset. In this case, the Group recalculates the gross carrying amount of 
the ﬁnancial asset based on the revised cash ﬂows of the ﬁnancial assets and recognises the amount arising from 
adjusting the gross carrying amount as a modiﬁcation gain or loss in the consolidated statement of income. If such a 
modiﬁcation is carried out because of ﬁnancial diﬃculties of the borrower, then the gain or loss is presented together 
with impairment losses. In other cases, it is presented as interest income.
 
 
Financial Liabilities
 
 
The Group derecognises a ﬁnancial liability when its terms are modiﬁed and the cash ﬂows of the modiﬁed liability are 
substantially diﬀerent. In this case, a new ﬁnancial liability based on the modiﬁed terms is recognised at fair value. The 
diﬀerence between the carrying amount of the ﬁnancial liability extinguished and the new ﬁnancial liability with modiﬁed 
terms is recognised in the consolidated statement of income.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
97
3. MATERIAL ACCOUNTING POLICIES (continued)
(d) Financial assets and ﬁnancial liabilities (continued)
 
(v) Oﬀsetting
 
 
Financial assets and liabilities are oﬀset and the net amount presented in the consolidated statement of ﬁnancial 
position when, and only when, the Group has a legal right to set oﬀ the recognised amounts and it intends either to 
settle on a net basis or to realise the asset and settle the liability simultaneously.
 
 
Income and expenses are presented on a net basis only when permitted under IFRS, or for gains and losses arising 
from a group of similar transactions such as in the Group’s trading activity.
 
(vi) Measurement principles
 
 
• 
Amortized cost measurement
 
 
 
The amortised cost of a ﬁnancial asset or liability is the amount at which the ﬁnancial asset or liability is measured 
at initial recognition, minus principal repayments, plus or minus the cumulative amortisation using the eﬀective 
interest method of any diﬀerence between the initial amount recognised and the maturity amount, minus any 
reduction for impairment loss. The calculation of eﬀective interest rate includes all fees paid or received that are an 
integral part of the eﬀective interest rate (EIR).
 
 
• 
Fair value measurement
 
 
 
‘Fair value’ is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction 
between market participants at the measurement date in the principal or, in its absence, the most advantageous 
market to which the Group has access at that date. The fair value of a liability reﬂects its non-performance risk.
 
 
 
When available, the Group measures the fair value of an instrument using the quoted price in an active market for 
that instrument. A market is regarded as active if transactions for the asset or liability take place with suﬃcient 
frequency and volume to provide pricing information on an ongoing basis.
 
 
 
If there is no quoted price in an active market, the Group recognises any change in the fair value, when they have 
reliable indicators to support such a change. In such instances the Group may uses valuation techniques that 
maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen 
valuation technique incorporates all of the factors that market participants would take into account in pricing a 
transaction.
 
 
 
The fair value of investments in mutual funds and portfolios whose units are unlisted are measured at the net asset 
value adjusted for market characteristics reported as at the end of the reporting period.
 
 
 
The best evidence of the fair value of a ﬁnancial instrument at initial recognition is normally the transaction price 
– i.e. the fair value of the consideration given or received. If the Group determines that the fair value at initial 
recognition diﬀers from the transaction price and the fair value is evidenced neither by a quoted price in an active 
market for an identical asset or liability nor based on a valuation technique that uses only data from observable 
markets, then the ﬁnancial instrument is initially measured at fair value, adjusted to defer the diﬀerence between 
the fair value at initial recognition and the transaction price. Subsequently, that diﬀerence is recognized in proﬁt or 
loss on an appropriate basis over the life of the instrument but no later than when the valuation is wholly supported 
by observable market data or the transaction is closed out.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
98
3. MATERIAL ACCOUNTING POLICIES (continued)
(d) Financial assets and ﬁnancial liabilities (continued)
 
(vi) Measurement principles (continued)
 
 
• 
Fair value measurement (continued)
 
 
 
If an asset or a liability measured at fair value has a bid price and an ask price, then the Group measures assets and 
long positions at a bid price and liabilities and short positions at an ask price.
 
 
 
Portfolios of ﬁnancial assets and ﬁnancial liabilities that are exposed to market risk and credit risk that are managed 
by the Group on the basis of the net exposure to either market or credit risk are measured on the basis of a price 
that would be received to sell a net long position (or paid to transfer a net short position) for a particular risk 
exposure. Those portfolio-level adjustments are allocated to the individual assets and liabilities on the basis of the 
relative risk adjustment of each of the individual instruments in the portfolio.
 
 
 
The fair value of a demand deposit is not less than the amount payable on demand, discounted from the ﬁrst date 
on which the amount could be required to be paid.
 
 
 
The Group recognises transfers between levels of the fair value hierarchy as of the end of the reporting period 
during which the change has occurred.
 
(vii) Expected credit losses (ECL) / Impairment
 
 
The Group recognises loss allowances for expected credit losses (ECL) on the following ﬁnancial instruments that are 
not measured at FVTPL:
 
 
– Balances with central banks and due from banks
 
 
– Financial assets that are debt instruments;
 
 
– Loans and advances to customers; and
 
 
– Loan commitments and ﬁnancial guarantee contracts.
 
 
No impairment loss is recognised on equity investments.
 
 
The Group measures loss allowances at an amount equal to lifetime ECL, except for the following, for which they are 
measured as 12-month ECL:
 
 
– debt investment securities that are determined to have low credit risk at the reporting date; and
 
 
– other ﬁnancial instruments on which credit risk has not increased signiﬁcantly since their initial recognition
 
 
12-month ECL are the portion of ECL that result from default events on ﬁnancial instruments that are possible with the 
12 months after the reporting date.
 
 
The Group applies three-stage approach to measure expected credit losses (ECL) on ﬁnancial assets carried at 
amortised cost and debt instruments classiﬁed as FVOCI. Assets migrate through the following three stages based on 
the change in credit quality since initial recognition.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
99
3. MATERIAL ACCOUNTING POLICIES (continued)
(d) Financial assets and ﬁnancial liabilities (continued)
 
(vii) Expected credit losses (ECL) / Impairment (continued)
 
 
Stage 1: 12 months ECL - not credit impaired Stage 1 includes ﬁnancial assets on initial recognition and that do not have 
a signiﬁcant increase in credit risk since the initial recognition or that have low credit risk. For these assets, ECL are 
recognised on the gross carrying amount of the asset based on the expected credit losses that result from default 
events that are possible within 12 months after the reporting date. Interest is computed on the gross carrying amount 
of the asset.
 
 
Stage 2: Lifetime ECL - not credit impaired Stage 2 includes ﬁnancial assets that have had a signiﬁcant increase in credit 
risk (SICR) since initial recognition but that do not have objective evidence of impairment. For these assets, lifetime ECL 
are recognised, but interest is still calculated on the gross carrying amount of the asset. Lifetime ECL are the expected 
credit losses that result from all possible default events over the expected life of the ﬁnancial instrument.
 
 
Stage 3: Lifetime ECL - credit impaired Stage 3 includes ﬁnancial assets that have objective evidence of impairment at 
the reporting date. For these assets, lifetime ECL are recognised.
 
 
Measurement of ECL
 
 
The key inputs into the measurement of ECL are:
 
 
– Probability of default (“PD”) - the Probability of default is an estimate of the likelihood of default over a given time 
horizon.
 
 
– Exposure at default (“EAD”) - The exposure at default is an estimate of the exposure at a future default date, 
considering expected changes in the exposure after the reporting date.
 
 
– Loss given default (“LGD”) - The loss given default is an estimate of the loss arising in the case where a default 
occurs at a given time. It is based on the diﬀerence between the contractual cash ﬂows due and those that the 
lender would expect to receive, including from the realization of any collateral. It is usually expressed as a 
percentage of the EAD.
 
 
ECL are a probability-weighted estimate of credit losses. They are measured as follows:
 
 
– Financial assets that are not credit-impaired at the reporting date: as the present value of all cash shortfalls (i.e. the 
diﬀerence between the cash ﬂows due to the entity in accordance with the contract and the cash ﬂows that the 
Group expects to receive);
 
 
– Financial assets that are credit-impaired at the reporting date: as the diﬀerence between the gross carrying 
amount and the present value of estimated future cash ﬂows;
 
 
– Undrawn loan commitments: as the present value of the diﬀerence between the contractual cash ﬂows that are 
due to the Group if the commitment is drawn down and the cash ﬂows that the Group expects to receive; and
 
 
– Financial guarantee contracts: the expected payments to reimburse the holder less any amounts that the Group 
expects to recover.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
100
3. MATERIAL ACCOUNTING POLICIES (continued)
(d) Financial assets and ﬁnancial liabilities (continued)
 
(vii) Expected credit losses (ECL) / Impairment (continued)
 
 
Restructured ﬁnancial assets
 
 
If the terms of a ﬁnancial asset are renegotiated or modiﬁed or an existing ﬁnancial asset is replaced with a new one due 
to ﬁnancial diﬃculties of the borrower, then an assessment is made of whether the ﬁnancial asset should be 
derecognised and ECL are measured as follows:
 
 
– If the expected restructuring will not result in derecognition of the existing asset, then the expected cash ﬂows 
arising from the modiﬁed ﬁnancial asset are included in calculating the cash shortfalls from the existing asset.
 
 
– If the expected restructuring will result in derecognition of the existing asset, then the expected fair value of the 
new asset is treated as the ﬁnal cash ﬂow from the existing ﬁnancial asset at the time of its derecognition. This 
amount is included in calculating the cash shortfalls from the existing ﬁnancial asset that are discounted from the 
expected date of derecognition to the reporting date using the original eﬀective interest rate of the existing 
ﬁnancial asset.
 
 
Credit-impaired ﬁnancial assets
 
 
At each reporting date, the Group assesses whether ﬁnancial assets carried at amortised cost and debt ﬁnancial assets 
carried at FVOCI are credit impaired. A ﬁnancial asset is ‘credit-impaired’ when one or more events that have a 
detrimental impact on the estimated future cash ﬂows of the ﬁnancial asset have occurred.
 
 
Evidence that a ﬁnancial asset is credit-impaired includes the following observable data:
 
 
– Signiﬁcant ﬁnancial diﬃculty of the borrower or issuer;
 
 
– A breach of contract such as a default or past due event;
 
 
– The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;
 
 
– It is becoming probable that the borrower will enter bankruptcy or other ﬁnancial reorganisation; or
 
 
– The disappearance of an active market for a security because of ﬁnancial diﬃculties.
 
 
Financial guarantee contracts held
 
 
The Group assesses whether a ﬁnancial guarantee contract held is an integral element of a ﬁnancial asset that is 
accounted for as a component of that instrument or is a contract that is accounted for separately. If the Group 
determines that the guarantee is an integral element of the ﬁnancial asset, then the Group considers the eﬀect of the 
protection when measuring the fair value of the ﬁnancial asset and when measuring ECL.
(e) Cash and cash equivalents
 
Cash and cash equivalents include notes and coins on hand, unrestricted balances held with central banks and highly liquid 
ﬁnancial assets with original maturities of three months or less from the acquisition date that are subject to an insigniﬁcant 
risk of changes in their fair value and are used by the Group in the management of its short-term commitments. Cash and 
cash equivalents includes amounts due from banks and with an original maturity of 90 days or less. Cash and cash 
equivalents are carried at amortised cost in the consolidated statement of ﬁnancial position.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
101
3. MATERIAL ACCOUNTING POLICIES (continued)
(f) Due from banks
 
Due from banks are ﬁnancial assets which are mainly money market placements with ﬁxed or determinable payments and 
ﬁxed maturities that are not quoted in an active market. Money market placements are not entered into with the intention of 
immediate or short-term resale. Due from banks are initially measured at cost, being the fair value of the consideration 
given. Following the initial recognition, due from banks are stated at amortised cost.
(g) Loans and advances to customers
 
Loans and advances to customers are non-derivative ﬁnancial assets with ﬁxed or determinable payments that are not 
quoted in an active market and that the Group does not intend to sell immediately or in the near term.
 
Loans and advances to customers are initially measured at the transaction price, which is the fair value plus incremental 
direct transaction costs, and subsequently measured at their amortised cost using the eﬀective interest rate method, 
except for the ﬁnancial assets which are classiﬁed to be measured at FVTPL, which are measured at fair value with changes 
recognised immediately in the consolidated statement of income.
(h) Investment securities
 
The investment securities’ include:
 
– Debt investment securities measured at amortised cost; these are initially measured at fair value plus incremental 
direct transaction costs, and subsequently at their amortised cost using the eﬀective interest method;
 
– Debt and equity investment securities mandatorily measured at FVTPL or designated as at FVTPL; these are at fair 
value with changes recognised immediately in proﬁt or loss;
 
– Debt securities measured at FVOCI; and
 
– Equity investment securities designated at FVOCI.
 
For debt securities measured at FVOCI, gains and losses are recognised in OCI, except for the following, which are recognised 
in proﬁt or loss in the same manner as for ﬁnancial assets measured at amortised cost:
 
– Interest income using the eﬀective interest method;
 
– Expected credit losses and reversals; and
 
– Foreign exchange gains and losses
 
When a debt security measured at FVOCI is derecognised, the cumulative gain or loss previously recognised in OCI is 
reclassiﬁed from equity to consolidated statement of income.
 
The Group elects to present in OCI changes in the fair value of certain investments in equity. The election is made on an 
instrument by instrument basis on initial recognition and is irrevocable. Gains and losses on such equity instruments are 
never subsequently reclassiﬁed to consolidated statement of income, including on disposal. Impairment losses (and 
reversal of impairment losses) are not reported separately from other changes in fair value. Dividends, when representing 
a return on such investments, continue to be recognised in consolidated statement of income, unless they clearly represent 
a recovery of part of the cost of the investment, in which case they are recognised in OCI. Cumulative gains and losses 
recognised in OCI are transferred to retained earnings on disposal of an investment.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
102
3. MATERIAL ACCOUNTING POLICIES (continued)
(i) Derivatives
 
Derivatives are initially recognised, and subsequently measured at fair value with transaction costs taken directly to the 
consolidated statement of proﬁt or loss. The fair value of a derivative is the equivalent of the unrealised gain or loss from 
marking to market the derivative or using valuation techniques, mainly discounted cash ﬂow models.
 
The method of recognising the resulting fair value gains or losses depends on whether the derivative is held for trading, or 
is designated as a hedging instrument and, if so, the nature of the risk being hedged.
 
(i) Derivatives held for risk management purposes and hedge accounting
 
 
Derivatives held for risk management purposes include all derivative assets and liabilities that are not classiﬁed as 
trading assets or liabilities. Derivatives held for risk management purposes are measured at fair value. The Group 
designates certain derivatives held for risk management as well as certain non-derivative ﬁnancial instruments as 
hedging instruments in qualifying hedging relationships.
 
 
On initial designation of the hedge, the Group formally documents the relationship between the hedging derivative 
instrument(s) and hedged item(s), including the risk management objective and strategy in undertaking the hedge, 
together with the method that will be used to assess the eﬀectiveness of the hedging relationship. The Group makes 
an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, as to whether the 
hedging instrument(s) is (are) expected to be highly eﬀective in oﬀsetting the changes in the fair value or cash ﬂows of 
the respective hedged item(s) during the period for which the hedge is designated, and on an ongoing basis. The 
Group makes an assessment for a cash ﬂow hedge of a forecast transaction, as to whether the forecast transaction is 
highly probable to occur and presents an exposure to variations in cash ﬂows that could ultimately aﬀect the 
consolidated statement of income.
 
 
The general hedge accounting requirements of IFRS 9 retain the three types of hedge accounting mechanisms in IAS 
39. However, greater ﬂexibility has been introduced to the types of transactions eligible for hedge accounting, 
speciﬁcally broadening the types of instruments that qualify as hedging instruments and the types of risk components 
of non-ﬁnancial items that are eligible for hedge accounting. In addition, the eﬀectiveness test has been overhauled 
and replaced with the principle of an ‘economic relationship’. Retrospective assessment of hedge eﬀectiveness is no 
longer required.
 
 
Fair value hedges
 
 
When a derivative is designated as the hedging instrument in a hedge of the change in fair value of a recognised asset 
or liability or a ﬁrm commitment that could aﬀect statement of income, changes in the fair value of the derivative are 
recognised immediately in consolidated statement of income together with changes in the fair value of the hedged 
item that are attributable to the hedged risk. If the hedging derivative expires or is sold, terminated, or exercised, or the 
hedge no longer meets the criteria for fair value hedge accounting, or the hedge designation is revoked, then hedge 
accounting is discontinued prospectively. Any adjustment up to that point to a hedged item, for which the eﬀective 
interest method is used, is amortised to consolidated statement of income as part of the recalculated eﬀective interest 
rate of the item over its remaining life.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
103
3. MATERIAL ACCOUNTING POLICIES (continued)
(i) Derivatives (continued)
 
(i) Derivatives held for risk management purposes and hedge accounting (continued)
 
 
Cash ﬂow hedges
 
 
When a derivative is designated as the hedging instrument in a hedge of the variability in cash ﬂows attributable to a 
particular risk associated with a recognised asset or liability or a highly probable forecast transaction that could aﬀect 
consolidated statement of income, the eﬀective portion of changes in the fair value of the derivative is recognized in 
other comprehensive income in the hedging reserve. The amount recognised in other comprehensive income is 
reclassiﬁed to consolidated statement of income as a reclassiﬁcation adjustment in the same period as the hedged 
cash ﬂows aﬀect consolidated statement of income, and in the same line item in the statement of comprehensive 
income. Any ineﬀective portion of changes in the fair value of the derivative is recognised immediately in consolidated 
statement of income. If the hedging derivative expires or is sold, terminated, or exercised, or the hedge no longer 
meets the criteria for cash ﬂow hedge accounting, or the hedge designation is revoked, then hedge accounting is 
discontinued prospectively. In a discontinued hedge of a forecast transaction the cumulative amount recognised in 
other comprehensive income from the period when the hedge was eﬀective is reclassiﬁed from equity to consolidated 
statement of income as a reclassiﬁcation adjustment when the forecast transaction occurs and aﬀects consolidated 
statement of income. If the forecast transaction is no longer expected to occur, then the balance in other comprehensive 
income is reclassiﬁed immediately to consolidated statement of income as a reclassiﬁcation adjustment.
 
 
Amounts accumulated in equity are reclassiﬁed to proﬁt or loss in the periods when the hedged item aﬀects proﬁt or 
loss (for example, when the forecast sale that is hedged takes place).
 
 
Hedges directly aﬀected by interest rate benchmark reform
 
 
When the basis for determining the contractual cash ﬂows of the hedged item or hedging instrument changes as a 
result of IBOR reform and therefore there is no longer uncertainty arising about the cash ﬂows of the hedged item or 
the hedging instrument, the Group amends the hedge documentation of that hedging relationship to reﬂect the 
change(s) required by IBOR reform. For this purpose, the hedge designation is amended only to make one or more of 
the following changes:
 
 
– designating an alternative benchmark rate as the hedged risk; 
 
 
– updating the description of the hedged item, including the description of the designated portion of the cash ﬂows 
or fair value being hedged; or 
 
 
– updating the description of the hedging instrument.
 
 
The Group amends the description of the hedging instrument only if the following conditions are met:
 
 
– it makes a change required by IBOR reform by changing the basis for determining the contractual cash ﬂows of the 
hedging instrument or using another approach that is economically equivalent to changing the basis for 
determining the contractual cash ﬂows of the original hedging instrument; and 
 
 
– the original hedging instrument is not derecognised.
 
 
The Group amends the formal hedge documentation by the end of the reporting period during which a change 
required by IBOR reform is made to the hedged risk, hedged item or hedging instrument. These amendments in the 
formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designation of a 
new hedging relationship. 

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
104
3. MATERIAL ACCOUNTING POLICIES (continued)
(i) Derivatives (continued)
 
(i) Derivatives held for risk management purposes and hedge accounting (continued)
 
 
Hedges directly aﬀected by interest rate benchmark reform (continued)
 
 
If changes are made in addition to those changes required by IBOR reform described above, then the Group ﬁrst 
considers whether those additional changes result in the discontinuation of the hedge accounting relationship. If the 
additional changes do not result in the discontinuation of the hedge accounting relationship, then the Group amends 
the formal hedge documentation for changes required by IBOR reform as mentioned above. 
 
 
When the interest rate benchmark on which the hedged future cash ﬂows had been based is changed as required by 
IBOR reform, for the purpose of determining whether the hedged future cash ﬂows are expected to occur, the Group 
deems that the hedging reserve recognised in other comprehensive income for that hedging relationship is based on 
the alternative benchmark rate on which the hedged future cash ﬂows will be based.
 
(ii) Other derivatives
 
 
Group has trading and non-trading derivatives which consists of forwards, swaps, interest rate swaps, credit and equity 
derivatives. Trading derivatives are sold by the Group to customers in order to enable them to transfer, modify or 
reduce current and future risks. These derivative instruments are fair valued as at the end of reporting date and the 
corresponding fair value changes is taken to the consolidated statement of income.
 
 
When a derivative is not held for trading, and is not designated in a qualifying hedge relationship, all changes in its fair 
value are recognised immediately in the consolidated statement of income.
(j) Property and equipment
 
(i) Recognition and measurement
 
 
Items of property and equipment are initially measured at cost and subsequently at cost less accumulated depreciation 
and accumulated impairment losses, if any, except for land and building which are subsequently measured at fair value. 
Capital work in progress is stated at cost, net of accumulated impairment losses, if any.
 
 
Revaluations of freehold land and buildings are carried out by an independent valuer. Net surpluses arising on 
revaluation are credited to a revaluation reserve, except that a revaluation increase is recognised as income to the 
extent that it reverses a revaluation decrease of the same asset previously recognised as an expense. A decrease as a 
result of a revaluation is recognised as an expense, except that it is charged directly against any related revaluation 
surplus to the extent that the decrease does not exceed the amount held in the revaluation surplus in respect of that 
same asset. On disposal the related revaluation surplus is credited to retained earnings.
 
 
Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed 
assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a 
working condition for their intended use, the costs of dismantling and removing the items and restoring the site on 
which they are located and capitalised borrowing costs.
 
 
Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.
 
 
When parts of an item of property or equipment have diﬀerent useful lives, they are accounted for as separate items 
(major components) of property and equipment.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
105
3. MATERIAL ACCOUNTING POLICIES (continued)
(j) Property and equipment (continued)
 
(i) Recognition and measurement (continued)
 
 
The gain or loss on disposal of an item of property and equipment is determined by comparing the proceeds from 
disposal with the carrying amount of the item of property and equipment, and is recognised in other income/other 
expenses in proﬁt or loss.
 
(ii) Subsequent costs
 
 
The cost of replacing a component of an item of property or equipment is recognised in the carrying amount of the 
item if it is probable that the future economic beneﬁts embodied within the part will ﬂow to the Group and its cost can 
be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing 
of property and equipment are recognised in consolidated statement of income as incurred.
 
(iii) Depreciation
 
 
The depreciable amount is the cost of property and equipment, or other amount substituted for cost, less its residual 
value. 
Depreciation is recognised in consolidated statement of income on a straight-line basis over the estimated useful lives 
of each part of an item of property and equipment since this most closely reﬂects the expected pattern of consumption 
of the future economic beneﬁts embodied in the asset and is based on cost of the asset less its estimated residual 
value. Land and Capital work in progress are not depreciated.
 
 
The estimated useful lives for the current and comparative years are as follows:
 
 
Buildings 
20 - 30 years
 
 
Leasehold improvements 
6 - 10 years
 
 
Furniture and equipment 
3 - 8 years
 
 
Motor vehicles 
5 years
 
(iv) Right-of-use assets (Leases)
 
 
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the 
right to control the use of an identiﬁed asset for a period of time in exchange for consideration.
 
 
The Group applies a single recognition and measurement approach for all leases, except for short-term leases less 
than 12 months and leases of low-value assets (USD 5,000 or less). The Group recognises lease liabilities to make 
lease payments and right-of-use assets representing the right to use the underlying assets.
 
 
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset 
is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment 
losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of 
lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement 
date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of 
the lease term and the estimated useful lives of the assets, as follows:
 
 
Buildings 
2 - 40 years

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
106
3. MATERIAL ACCOUNTING POLICIES (continued)
(j) Property and equipment (continued)
 
(iv) Right-of-use assets (Leases) (continued)
 
 
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease 
payments to be made over the lease term. In calculating the present value of lease payments, the Group uses its 
incremental borrowing rate at the lease commencement date. Right-of-use assets are subject to impairment in line 
with the policy for the impairment of non-ﬁnancial assets.
 
 
The carrying amount of lease liabilities is remeasured if there is a modiﬁcation, a change in the lease term, a change in 
the lease payments or a change in the assessment of an option to purchase the underlying asset.
(k) Impairment of goodwill and intangible assets
 
(i) Goodwill
 
 
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the 
Group’s interest in net fair value of the net identiﬁable assets, liabilities and contingent liabilities of the acquiree and the 
fair value of the non-controlling interest in the acquiree. Goodwill is measured at cost less impairment.
 
 
Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances 
indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount of the CGU, 
which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately 
as an expense and is not subsequently reversed.
 
(ii) Intangible assets
 
 
The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following 
initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment 
losses.
 
 
Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related 
expenditure is reﬂected in proﬁt or loss in the period in which the expenditure is incurred.
 
 
The useful lives of intangible assets are assessed as either ﬁnite or indeﬁnite.
 
 
Intangible assets with ﬁnite lives are amortised over the useful economic life and assessed for impairment whenever 
there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method 
for an intangible asset with a ﬁnite useful life are reviewed at least at the end of each reporting period. Changes in the 
expected useful life or the expected pattern of consumption of future economic beneﬁts embodied in the asset are 
considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting 
estimates. The amortisation expense on intangible assets with ﬁnite lives is recognised in the consolidated statement 
of income as the expense category that is consistent with the function of the intangible assets.
 
 
The estimated useful economic life of intangible assets with ﬁnite lives are; Brand 18 to 19 years, Customer relationship 
11 to 12 years, Core deposit 13 to 16 years and Internally developed software and others 5 years.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
107
3. MATERIAL ACCOUNTING POLICIES (continued)
(k) Impairment of goodwill and intangible assets (continued)
 
(ii) Intangible assets (continued)
 
 
Intangible assets with indeﬁnite useful lives are not amortised, but are tested for impairment annually, either individually 
or at the cash-generating unit level. The assessment of indeﬁnite life is reviewed annually to determine whether the 
indeﬁnite life continues to be supportable. If not, the change in useful life from indeﬁnite to ﬁnite is made on a prospective 
basis. Gains or losses arising from de-recognition of an intangible asset are measured as the diﬀerence between the 
net disposal proceeds and the carrying amount of the asset and are recognised in the consolidated statement of 
income when the asset is derecognised.
(l) Impairment of non-ﬁnancial assets
 
Assets that have an indeﬁnite useful life are not subject to amortisation and are tested annually for impairment. An 
impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The 
recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. In assessing value in use, the 
estimated future cash ﬂows are discounted to their present value using a pre-tax discount rate that reﬂects current market 
assessments of the time value of money and the risks speciﬁc to the asset or CGU. 
 
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identiﬁable 
cash ﬂows (cash-generating units). Non-ﬁnancial assets other than goodwill that suﬀered impairment are reviewed for 
possible reversal of the impairment at each reporting date.
 
The Group’s corporate assets do not generate separate cash inﬂows and are utilised by more than one CGU. Corporate 
assets are allocated to CGUs on a reasonable and consistent basis and tested for impairment as part of the testing of the 
CGU to which the corporate asset is allocated.
 
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior 
periods are assessed at each reporting date, for any indications that the loss has decreased or no longer exists. An 
impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An 
impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that 
would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
(m) Provisions
 
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be 
estimated reliably, and it is probable that an outﬂow of economic beneﬁts will be required to settle the obligation. Provisions 
are determined by discounting the expected future cash ﬂows at a pre-tax rate that reﬂects current market assessments of 
the time value of money and, where appropriate, the risks speciﬁc to the liability.
(n) Financial guarantee contract and loan commitments
 
Financial guarantees are contracts that require the Group to make speciﬁed payments to reimburse the holder for a loss it 
incurs because a speciﬁed debtor fails to make payment when due in accordance with the terms of a debt instrument and 
the guarantees may become payable on demand. Financial guarantee liabilities are recognised initially at their fair value, 
and this initial fair value is amortised over the life of the ﬁnancial guarantee. The ﬁnancial guarantee liability is subsequently 
carried at the higher of this amortised amount and the present value of any expected payment when a payment under the 
guarantee has become probable.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
108
3. MATERIAL ACCOUNTING POLICIES (continued)
(o) Employee beneﬁts
 
Deﬁned contribution plans
 
The Bank provides for its contribution to the State administered retirement fund for Qatari employees in accordance with 
the retirement law, and the resulting charge is included in staﬀ cost in the consolidated statement of income. The Bank has 
no further payment obligations once the contributions have been paid. The contributions are recognised in the consolidated 
statement of income, when they are due.
 
Deﬁned beneﬁt plan
 
The Bank makes provision for end of service beneﬁts payable to its expatriate employees on the basis of the employees’ 
length of service in accordance with the employment policy of the Bank and the applicable provisions of the Labour Law. 
This provision is included in other provisions as part of other liabilities in the consolidated statement of ﬁnancial position. 
The expected costs of these beneﬁts are accrued over the period of employment.
 
Alternatifbank, under Turkish Labour Law, is required to pay termination beneﬁts to each employee who has completed at 
least one year of service and whose employment is terminated without due cause, is called up for military service, dies or 
who retires. There are certain transitional provisions relating to length of service prior to retirement. The amount payable 
consists of one month’s salary subject to a maximum threshold per employee for each year of service. There are no 
agreements for pension commitments other than the legal requirement as explained above. The liability is not funded, as 
there is no funding requirement.
 
Short-term employee beneﬁts
 
Short-term employee beneﬁt obligations are measured on an undiscounted basis and are expensed as the related service 
is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or proﬁt-sharing 
plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the 
employee and the obligation can be estimated reliably.
 
Share-based payments
 
Employees (including senior management) of the Bank receive remuneration in the form of share-based payments, 
whereby employees are granted share appreciation rights, which are settled in cash (cash settled transactions).
 
The cost of cash settled transactions is measured at fair value at the grant date using the Black Scholes model, further 
details of which are given in Note 20. The fair value is measured initially and at each reporting date up to and including the 
settlement date, with changes in fair value recognised in employee beneﬁts expense Note 31. The fair value is expensed 
over the period until the vesting date with recognition of a corresponding liability.
(p) Share capital and reserves
 
(i) Share issue costs
 
 
Incremental costs directly attributable to the issue of an equity instrument are deducted from the initial measurement 
of the equity instruments.
 
(ii) Dividends on ordinary shares
 
 
Dividends on ordinary shares are recognised in equity in the period in which they are approved by the Bank’s equity 
holders.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
109
3. MATERIAL ACCOUNTING POLICIES (continued)
(q) Interest income and expense
 
Interest income and expense are recognised in the consolidated statement of income using the eﬀective interest rate 
method. The eﬀective interest rate is the rate that exactly discounts the estimated future cash payments and receipts 
through the expected life of the ﬁnancial asset or liability (or, where appropriate, a shorter period) to the carrying amount of 
the ﬁnancial asset or liability. When calculating the eﬀective interest rate, the Group estimates future cash ﬂows considering 
all contractual terms of the ﬁnancial instrument, but not expected credit losses.
 
For the ﬁnancial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by 
applying the eﬀective interest rate to their amortised cost (i.e. net of the expected credit loss provision). If the asset is no 
longer credit-impaired, then the calculation of interest income reverts to the gross basis.
 
The calculation of the eﬀective interest rate includes all transaction costs and fees paid or received that are an integral part 
of the eﬀective interest rate.
 
Transaction costs include incremental costs that are directly attributable to the acquisition or issue of a ﬁnancial asset or 
liability.
 
Interest income and expense include:
 
– Interest on ﬁnancial assets and ﬁnancial liabilities measured at amortised cost calculated on an eﬀective interest rate 
basis;
 
– The eﬀective portion of fair value changes in qualifying hedging derivatives designated in cash ﬂow hedges of variability 
in interest cash ﬂows, in the same period that the hedged cash ﬂows aﬀect interest income / expense;
 
– The ineﬀective portion of fair value changes in qualifying hedging derivatives designated in cash ﬂow hedges of interest 
rate risk; and
 
– Fair value changes in qualifying derivatives, including hedge ineﬀectiveness, and related hedged items in fair value 
hedges of interest rate risk.
 
Interest income on investment (debt) securities measured at FVOCI and measured at amortised cost is calculated using 
eﬀective interest rate method and is also included in interest income.
(r) Fee and commission income and expense
 
Fees and commission income and expense that are integral to the eﬀective interest rate on a ﬁnancial asset or liability are 
included in the measurement of the eﬀective interest rate.
 
Other fees and commission income, including account servicing fees, investment management fees, sales commission, 
placement fees and syndication fees, are recognised as the related services are performed. When a loan commitment is 
not expected to result in the draw-down of a loan, the related loan commitment fees are recognised on a straight-line basis 
over the commitment period. Other fees and commission expense relate mainly to transaction and service fees, which are 
expensed as the services are received.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
110
3. MATERIAL ACCOUNTING POLICIES (continued)
(s) Income from investment securities
 
Gains or losses on the disposal of investment securities are recognised in proﬁt or loss as the diﬀerence between fair value 
of the consideration received and carrying amount of the investment securities.
 
Unrealised gains or losses on fair value changes from remeasurement of investment securities classiﬁed as held for trading 
or designated as fair value through proﬁt or loss are recognised in consolidated statement of income.
 
Any cumulative gain/loss recognised in OCI in respect of equity investment securities designated as at FVOCI is not 
recognised in the consolidated statement of income on derecognition of such securities.
(t) Dividend income
 
Dividend income is recognised when the right to receive dividend income is established.
(u) Income tax expenses
 
Taxes are calculated based on tax laws and regulations in the countries in which the Group operates. Tax is recognized based 
on an evaluation of the expected tax charge/credit. Income tax and deferred tax mainly arising from Alternatif bank 
operations. The parent company operations inside Qatar are not subject to income tax except certain subsidiaries 
operations, which are subject to tax as per the General Tax Authority and Qatar Financial Centre Authority tax regulations.
 
Deferred tax is recognised in respect of temporary diﬀerences between the carrying amounts of assets and liabilities for 
ﬁnancial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are 
expected to apply to the period when the asset is realised or the liability is settled based on laws that have been enacted at 
the reporting date. Tax expenses are recognized in proﬁt or loss, except to the extent these are pertaining to the items 
presented in OCI.
(v) Earnings per share
 
The Bank presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing 
the proﬁt or loss attributable to ordinary equity holders of the Bank, further adjusted for the dividend appropriation for 
instruments eligible for additional Tier 1 Capital, if any, by the weighted average number of ordinary shares outstanding 
during the period. Diluted EPS is determined by adjusting the proﬁt or loss attributable to ordinary equity holders and the 
weighted average number of ordinary shares outstanding for the eﬀects of all dilutive potential ordinary shares.
(w) Segment reporting
 
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating 
decision maker. The chief operating decision maker is the person or group that allocates resources to and assesses the 
performance of the operating segments of an entity. The Group has determined the Chief Executive Oﬃcer of the Bank as 
its chief operating decision maker.
(x) Fiduciary activities
 
The Group acts as fund manager and in other ﬁduciary capacities that result in the holding or placing of assets on behalf of 
individuals, corporate and other institutions. These assets and income arising thereon are excluded from these consolidated 
ﬁnancial statements, as they are not assets of the Group.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
111
3. 
MATERIAL ACCOUNTING POLICIES (continued)
(y) Repossessed collateral
 
Repossessed collateral represents real estate and other collateral acquired against settlement of customer debts and are 
recorded within the consolidated statement of ﬁnancial position under “Other assets”. 
 
Repossessed collaterals are recognized at fair value and any subsequent impairment of such assets are recorded in the 
consolidated statement of income. The Group’s collateral disposal policy is in line with the respective regulatory requirement 
of the regions in which the Group operates. According to QCB instructions, the Group should dispose of any land and 
properties acquired in settlement of debts within a period not exceeding three years from the date of acquisition although 
this period can be extended with the approval of QCB.
(z) Appropriations for Instruments Eligible for Additional Capital
 
Appropriations for Instruments Eligible for Additional Capital are treated as dividends.
(aa) Adoption of IAS 29 - Hyperinﬂation accounting
 
IAS 29 “Financial Reporting in Hyperinﬂationary Economies” requires that the ﬁnancial statements of an entity whose 
functional currency is that of a hyperinﬂationary economy be stated in the measuring unit currency at the reporting period 
end. IAS 29 provides certain qualitative and quantitative guidelines to determine the existence of a hyperinﬂationary 
economy. Accordingly, hyperinﬂation shall be deemed to exist where the last three years’ cumulative inﬂation approaches 
or exceeds 100%.
 
From 1 April 2022, the Turkish economy is considered to be hyperinﬂationary in accordance with the criteria in IAS 29. This 
requires purchasing power adjustment to the carrying values of the non-monetary assets and liabilities and to items in the 
consolidated statement of comprehensive income with respect to subsidiaries of the Group operating in Turkey.
 
On the application of IAS 29 the Bank used the conversion factor derived from the consumer price index (“CPI”) in Turkey. 
The CPIs and corresponding conversion factors are since 2005 when Turkey previously ceased to be considered 
hyperinﬂationary.
 
The index and corresponding conversion factors are as follows:
 
 
CPI
 
31 December 2023 
1,859.38
 
31 December 2024 
2,684.55
 
Adjustment of the historical carrying values of non-monetary assets and liabilities and the various items of equity from their 
date of acquisition or inclusion in the consolidated statement of ﬁnancial position to the end of the reporting period to 
reﬂect the changes in purchasing power of the currency caused by inﬂation, according to the indices published by the 
Turkish Statistical Institute. Since CBQ Group’s comparative amounts are presented in a stable currency, these comparative 
amounts are not restated. The statement of comprehensive income in 2022 included the cumulative impact of prior years.
 
Monetary assets and liabilities are not restated because they are already expressed in terms of the monetary unit current. 
Non-monetary assets and liabilities are restated by applying the relevant index from the date of acquisition or initial 
recording and are subject to impairment assessment with the guidance in the relevant IFRS. The components of 
shareholders’ equity are restated by applying the applicable general price index from the dates when components were 
contributed or otherwise arose.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
112
3. 
MATERIAL ACCOUNTING POLICIES (continued)
(aa) Adoption of IAS 29 - Hyperinﬂation accounting (continued)
 
All items in the consolidated statement of income are restated by applying the relevant conversion factors, except for 
restatement of certain speciﬁc income statement items which arise from the restatement of non-monetary assets and 
liabilities like amortization and gain or loss on sale of ﬁxed assets.
 
The gain or loss on the net monetary position is the result of the eﬀect of general inﬂation and is the diﬀerence resulting 
from the restatement of non-monetary assets, liabilities, shareholders’ equity and income statement items. The gain or 
loss on the net monetary position is included in the consolidated statement of income.
(ab) Comparatives
 
Except when a standard or an interpretation permits or requires otherwise, all amounts are reported or disclosed with 
comparative information.
4. FINANCIAL RISK MANAGEMENT
a) Introduction and overview
 
The Group’s business involves taking risks in a targeted manner and managing them professionally. The core functions of 
the Group’s risk management are to identify all key risks for the Group, measure these risks, manage the risk positions and 
determine capital allocations. The Group regularly reviews its risk management policies and systems to reﬂect changes in 
markets, products and best market practice.
 
The Group’s aim is to achieve an appropriate balance between risk and return and minimise potential adverse eﬀects on 
the Group’s ﬁnancial performance. The Group deﬁnes risk as the possibility of losses or proﬁts foregone, which may be 
caused by internal or external factors.
 
Financial instruments
 
Financial instruments comprise the Group’s ﬁnancial assets and liabilities. Financial assets include cash and balances with 
Central banks, due from banks, loans and advances, investment securities, derivative ﬁnancial assets and certain other 
assets and ﬁnancial liabilities include customer deposits, borrowings under repurchase agreements and interbank takings, 
debt issued and other borrowed funds, derivative ﬁnancial liabilities and certain other liabilities. Financial instruments also 
include rights and commitments included in oﬀ- balance sheet items.
 
Note 3(d) describes the accounting policies followed by the Group in respect of recognition and measurement of the key 
ﬁnancial instruments and their related income and expense.
 
Risk management
 
The Group derives its revenue from assuming and managing customer risk for proﬁt. Through a robust governance 
structure, risk and return are evaluated to produce sustainable revenue, to reduce earnings volatility and increase 
shareholder value. The most important types of risk are credit risk, liquidity risk, market risk and operational risk. Credit risk 
reﬂects the possible inability of a customer to meet his/her repayment or delivery obligations. Market risk, which includes 
foreign currency, interest rate risks and other price risks, is the risk of ﬂuctuation in asset and commodity values caused by 
changes in market prices and yields. Liquidity risk results in the inability to accommodate liability maturities and withdrawals, 
fund asset growth or otherwise meet contractual obligations at reasonable market rates. Operational risk is the potential 
for loss resulting from events involving people, processes, technology, legal issues, external events or execution or 
regulatory issues.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
113
4. FINANCIAL RISK MANAGEMENT (continued)
a) Introduction and overview (continued)
 
Risk and other committees
 
The governance structure of the Group is headed by the Board of Directors. The Board of Directors evaluates risk by 
engaging with the Group Chief Executive Oﬃcer (GCEO) and Chief Risk Oﬃcer along with the following Board and 
Management Committees:
 
1) Board Risk and compliance Committee (BRCC), is responsible for all aspects of Risk Management across the Group 
including but not restricted to credit risk, market risk, operational risk and cyber security risk. The BRCC reviews policies 
on all risk matters, maintain oversight of all Bank risks through the Management Risk Committee (MRC), the GCEO, the 
CRO and the CCO and provides risk management directives through the GCEO and the CRO. Further, the BRCC is 
responsible for setting forth compliance and Anti-Money Laundering, and Combating Financing of Terrorism (AML/
CFT) requirements, criteria and control mechanisms for all activities involving Bank-wide related risks.
 
2) The Board Audit Committee (BAC) is responsible for assisting the Board in fulﬁlling its responsibilities relating to oversee 
the quality and integrity of the accounting, auditing, internal control and ﬁnancial reporting practices of the Bank.
 
3) The Board Executive Committee (BEC) acts as a consultative body to the Board, which handles matters that require the 
Board’s review, but may arise between Board meetings. is responsible for evaluating and granting credit facilities within 
authorized limits as per QCB and Board guidelines and reviews the credit granting strategy, certain credit proposals 
(other than oﬀthe-shelf products), and exceptions to credit policy within appropriate levels of Risk Delegation of 
Authority. The BEC also approves/challenges the overall Bank strategy which is proposed by the Executive Management 
Team.
 
4) Board Remuneration, Nomination & Governance Committee (BRNGC) is responsible for setting the Bank’s remuneration 
framework for the Board members, management and staﬀ. The BRNGC is responsible for recommending Board 
members’ appointments and re-nomination for election by the General Assembly as well as conducting the annual 
self-assessment of the Board’s performance.
 
5) Management Governance Committee (MGC) is responsible for ensuring that the Bank maintains the highest standards 
of corporate governance at Management-level by reviewing and monitoring developments relating to corporate 
governance, and reporting to the Board Remuneration, Nomination and Governance Committee (BRNGC) in this 
regard.
 
6) Long Term Incentive Scheme Committee (LTIS) is delegated the responsibility to oversee the day-to-day operations of 
the Scheme, and reporting to the Board Remuneration, Nomination and Governance Committee (BRNGC) in this 
regard.
 
7) Management Credit and Investment Committee - Credit Chapter (MCIC-C) is the third-highest level authority for all 
Credit Risk Exposures, after the Board of Directors and Board Executive Committee. The MCIC exercises approval 
authorities delegated to it by the Board of Directors in accordance with Commercial Bank’s Risk Charter, Risk Appetite 
Statement, MCIC Terms of Reference, MCIC Credit Approval Jurisdiction as per approved Delegation of Authority (DoA), 
and other credit policy documents.
 
8) Management Risk Committee is the highest management authority on all risk related issues in the Group and its 
subsidiaries and aﬃliates in which it has strategic investments. This committee provides recommendations on all risk 
policy and portfolio issues to the Board Risk and Compliance Committee.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
114
4. FINANCIAL RISK MANAGEMENT (continued)
a) Introduction and overview (continued)
 
Risk and other committees (continued)
 
9) Asset and Liability Committee (ALCO) is a management committee which is a decision making body relating to Asset 
and Liability management. (i.e. balance sheet structure, funding, pricing, hedging, setting limits etc.) Under the overall 
risk management framework, ALCO is a key component of risk management within the Bank.
 
10) Management Credit and Investment Committee - Investment Chapter (MCIC-I) is responsible for providing strategic 
direction and overseeing the Bank’s portfolio investment activities.
 
11) Sustainability Committee responsible for the Bank’s Environment, Social and Governance (ESG) strategy, performance 
and reporting. This committee will oversee the Bank’s initiatives for implementation and evaluate the related risk and 
opportunities.
 
12) Human Capital Committee (HCC) is designed as a dedicated committee that approaches HR from a holistic and 
strategic prospection to support eﬀective governance, including proper coverage and roles and responsibilities 
aligned with industry standards. It covers HC material topics: Compensation and Beneﬁts, Performance Management, 
Workforce Planning, Promotion Criteria and Procedures, Learning & Development, Disciplinary Policies, and the 
Recruitment Process.
 
13) Digital & Innovation Technology Committee (DITC) is responsible for driving technology innovation, technology 
governance, oversight of strategic technology and innovation projects, and overseeing the implementation of a 
technology risk management framework in the Bank.
 
14) Capital Committee (CC) is responsible for overseeing active management and optimization of the Bank’s capital 
structure.
 
15) Alternative Assets Committee (AAC) is a committee appointed by the Board charged with the responsibility of 
overseeing the management of the Alternative assets. The purpose of the Committee is to assist the Board in 
overseeing, monitoring and optimizing the Acquired real-estate portfolio of the bank and speciﬁcally to review and 
recommend the acquisition and sale of any Acquired Assets to BEC, as mandated within the Board delegation of 
authority.
 
16) Finance Committee (FC) is responsible for overseeing the Bank’s ﬁnancial and accounting functions, ensuring that 
these functions are eﬀectively managed and aligned with the Bank’s strategic objectives.
 
17) Operational Risk Committee (ORC) oversees and facilitates the implementation of Operational Risk Management 
Framework in the Bank. The resolution of operational risk issues including processes, fraud, technology and cyber risk 
that that generally involves more than one unit in the Bank and hence a cross functional team is required to address 
these issues eﬀectively.
 
18) Compliance Risk Committee (CRC) facilitates/provide oversight of the implementation of regulatory compliance and 
Financial Crimes Controls (FCC) matters including mainly Anti Money Laundering/Counter Terrorism Financing (AML/
CFT), Anti-fraud, FATCA/CRS, Personal Data Privacy protection and regulatory audits.
 
19) Information Security Committee (ISC) will ensure that Executive Management has the oversight required to manage 
cyber risks in alignment with risk appetite, regulatory and governmental mandates.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
115
4. FINANCIAL RISK MANAGEMENT (continued)
(b) Credit risk
 
Credit risk is deﬁned as the potential that a borrower or counterparty will fail to meet its obligations in accordance with 
agreed terms. The goal of credit risk management is to maximize the Group’s risk-adjusted rate of return by maintaining 
credit risk exposure within acceptable parameters. Loans and advances are the largest sources of credit risk for the Group. 
Other sources of credit risk exist throughout the activities of the Group, including investments in the banking book and in the 
trading book. The Group also faces credit risk (or counterparty risk) in various ﬁnancial instruments other than loans, 
including: acceptances, interbank transactions, trade ﬁnancing, foreign exchange transactions, derivative instruments, and 
in the extension of commitments and guarantees, as well as the settlement of transactions. The Group maintains well 
deﬁned, written policies and procedures for identifying, measuring, monitoring, and controlling credit risk, governing 
credit-granting activities in conformance with the risk appetite and limits deﬁned by the Board. All extensions of credit are 
made on an arm’s length basis in accordance with the Group’s credit-granting approval process by a combination of 
authorized individuals, groups or credit committees, depending on the size and nature of the credit, who have the 
experience, knowledge and background to exercise prudent judgement in assessing, approving and managing credit risks.
 
(i) Credit risk measurement
 
 
1. Loans and advances
 
 
 
The Group’s aim is to maintain a sound asset portfolio by optimizing its loan mix. This is being achieved through a 
strategy of reducing exposure to non-core client relationships while selectively targeting economic sectors that 
are core to the overall business strategy. In addition, the Group intends to diversify risk by increasing the size of the 
consumer portfolio comprising of consumer loans, vehicle loans, credit cards and residential mortgages. In 
measuring credit risk of loan and advances to customers and to banks, the Group reﬂects three components (i) 
the ‘probability of default’ by the client or counterparty on its contractual obligations; (ii) current exposures to the 
counterparty and its likely potential future exposure, from which the Group derive the ‘exposure at default’; and (iii) 
the likely recovery ratio on the defaulted obligations (the ‘loss given default’).
 
 
 
(i) The Group assesses the probability of default of individual counterparties using internal rating tools tailored 
to the various categories of counterparty. They combine statistical analysis along with the business 
relationship oﬃcers and credit risk oﬃcers assessment and are independently validated. Clients of the Group 
are segmented based on a 10-point rating scale (22 notches including modiﬁers) for the corporate book and 
product based application scores for the retail book. The Group’s rating scale reﬂects the range of default 
probabilities deﬁned for each rating class. This means that, in principle, the probability of default changes with 
the migration of ratings. The rating tools are kept under review and upgraded as necessary.
 
 
 
(ii) Exposure at default is based on the amounts the Group expects to be owed at the time of default. For 
example, for a loan this is the carrying value. For a commitment, the Group includes any amount already 
drawn plus the further amount that may have been drawn by the time of default, should it occur. For undrawn 
facilities, the Group applies credit conversion factors that are prescribed by Qatar Central Bank and are 
aligned to Bank of International Settlements (BIS) guidelines.
 
 
 
(iii) Loss given default or loss severity represents the Group’s expectation of the extent of loss on a claim should 
default occur. It is expressed as percentage loss per unit of exposure and typically varies by type of 
counterparty, type and seniority of claim and availability of collateral or other credit mitigation.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
116
4. FINANCIAL RISK MANAGEMENT (continued)
(b) Credit risk (continued)
 
(i) Credit risk measurement (continued)
 
 
2. Debt securities and other bills
 
 
 
For debt securities and other bills, external ratings are used by Treasury for managing the credit risk exposures. 
The investments in those securities and bills are viewed as a way to improve the overall asset quality, enhance yield 
and provide a readily available source to meet the funding requirement.
 
(ii) Risk limit control and mitigation policies
 
 
Portfolio diversiﬁcation
 
 
Portfolio diversiﬁcation is an overriding principle, therefore, the credit policies are structured to ensure that the Group 
is not over exposed to a given client, industry sector or geographic area. To avoid excessive losses if any single counter-
party is unable to fulﬁl its payment obligations, large exposure limits have been established per credit policy following 
the local regulations. Limits are also in place to manage exposures to a particular country or sector. These risks are 
monitored on an ongoing basis and subject to an annual or more frequent review, when considered necessary.
 
 
Collateral
 
 
In order to proactively respond to credit deterioration, the Group employs a range of policies and practices to mitigate 
credit risk.
 
 
The most traditional of these is the taking of security for funds advanced, which is common practice. The Group 
implements guidelines on the acceptability of speciﬁc classes of collateral or credit risk mitigation. The principal 
collateral types for loans and advances are:
 
 
• 
Mortgages over properties;
 
 
• 
Lending against lien marked deposits;
 
 
• 
Charges over business assets such as premises, inventory and accounts receivable;
 
 
• 
Charges over ﬁnancial instruments such as debt securities and equities.
 
 
Longer-term ﬁnance and lending to corporate entities are generally secured; working capital credit facilities are 
generally unsecured. In addition, in order to minimize the credit loss, the Group will seek additional collateral from the 
counterparty as soon as impairment indicators are noticed.
 
 
Collateral held as security for ﬁnancial assets other than loans and advances is determined by the nature of the 
instrument. Debt securities, treasury and other eligible bills are generally unsecured, with the exception of asset-
backed securities and similar instruments, which are secured by portfolios of ﬁnancial instruments.
 
 
Credit-related commitments
 
 
The primary purpose of these instruments is to ensure that funds are available to a customer as required. Guarantees 
and standby letters of credit carry the same credit risk as loans. Documentary and commercial letters of credit – which 
are written undertakings by the Group on behalf of a customer authorizing a third party to draw drafts on the Group up 
to a stipulated amount under speciﬁc terms and conditions – are collateralized by the underlying shipments of goods 
to which they relate and therefore carry less risk than a direct loan.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
117
4. FINANCIAL RISK MANAGEMENT (continued)
(b) Credit risk (continued)
 
(ii) Risk limit control and mitigation policies (continued)
 
 
Credit-related commitments (continued)
 
 
Commitments to extend credit represent unused portions of authorizations to extend credit in the form of loans, 
guarantees or letters of credit. With respect to credit risk on commitments to extend credit, the Group is potentially 
exposed to loss in an amount equal to the total unused commitments. However, the likely amount of loss is less than the 
total unused commitments, as most commitments to extend credit are contingent upon customers maintaining 
speciﬁc credit standards. The Group monitors the term to maturity of credit commitments because longer-term 
commitments generally have a greater degree of credit risk than shorter-term commitments.
 
 
Credit risk arising from derivative ﬁnancial instruments is, at any time, limited to those with positive fair values, as at the 
reporting date. With gross-settled derivatives, the Group is also exposed to a settlement risk, being the risk that the 
Group honors its obligation but the counterparty fails to deliver the counter-value.
 
(iii) Maximum exposure to credit risk before collateral held or other credit enhancements
2024
2023
Credit risk exposures relating to assets recorded on the consolidated 
statement of ﬁnancial position are as follows:
Balances with central banks
5,972,061
7,295,132
Due from banks
20,705,383
20,525,334
Loans and advances to customers
91,480,008
91,490,410
Investment securities - debt
31,904,099
29,654,103
Other assets
1,977,278
2,139,072
Total as at 31 December
152,038,829
151,104,051
Other credit risk exposures are as follows:
Guarantees
16,451,572
15,427,939
Letters of credit
3,383,398
3,495,074
Unutilized credit facilities
15,765,695
13,321,829
Total as at 31 December
35,600,665
32,244,842
187,639,494
183,348,893
 
 
The above table represents a worse-case scenario of credit risk exposure to the Group, without taking account of any 
collateral held or other credit enhancements attached.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
118
4. FINANCIAL RISK MANAGEMENT (continued)
(b) Credit risk (continued)
 
(iv) Concentration of risks of ﬁnancial assets with credit risk exposure
 
 
Geographical sectors
 
The following table breaks down the Group’s credit exposure at their carrying amounts (without taking into account any 
collateral held or other credit support), as categorized by geographical region. For this table, the Group has allocated 
exposures to regions based on the country of domicile of its counterparties.
2024
Qatar
Other GCC
Other 
Middle east
Rest of 
the world
Total
Balances with central banks
4,782,668
-
1,189,393
-
5,972,061
Due from banks
5,552,360
4,323,723
4,308,086
6,521,214
20,705,383
Loans and advances to customers
82,954,936
319
7,783,233
741,520
91,480,008
Investment securities - debt
26,837,438
2,014,391
2,314,824
737,446
31,904,099
Other assets
1,811,994
-
165,284
-
1,977,278
121,939,396
6,338,433 15,760,820
8,000,180 152,038,829
2023
Qatar
Other GCC
Other 
Middle east
Rest of 
the world
Total
Balances with central banks
6,121,185
-
1,173,947
-
7,295,132
Due from banks
6,899,750
2,284,837
3,993,713
7,347,034
20,525,334
Loans and advances to customers
81,878,112
833,025
7,452,489
1,326,784
91,490,410
Investment securities - debt
24,411,290
1,932,244
2,524,846
785,723
29,654,103
Other assets
1,929,739
-
209,333
-
2,139,072
121,240,076
5,050,106
15,354,328
9,459,541
151,104,051
2024
Qatar
Other GCC
Other 
Middle east
Rest of 
the world
Total
Guarantees
8,547,045
582,552
267,697
7,054,278
16,451,572
Letters of credit
2,637,948
-
2,808
742,642
3,383,398
Unutilized credit facilities
14,646,827
-
185,066
933,802
15,765,695
25,831,820
582,552
455,571
8,730,722 35,600,665

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
119
4. FINANCIAL RISK MANAGEMENT (continued)
(b) Credit risk (continued)
 
(iv) Concentration of risks of ﬁnancial assets with credit risk exposure (continued)
 
 
Geographical sectors (continued)
2023
Qatar
Other GCC
Other 
Middle east
Rest of 
the world
Total
Guarantees
9,753,446
550,471
776,747
4,347,275
15,427,939
Letters of credit
2,721,877
109,200
224,119
439,878
3,495,074
Unutilized credit facilities
12,139,832
100,114
137,466
944,417
13,321,829
24,615,155
759,785
1,138,332
5,731,570
32,244,842
 
 
Industry sectors
 
 
The following table breaks down the Group’s credit exposure at carrying amounts before taking into account collateral 
held or other credit enhancements, as categorized by the industry sectors of the Group’s counterparties.
2024
2023
Funded
Government
38,889,265
33,692,949
Government agencies
12,493,551
14,314,437
Industry
6,457,017
7,375,009
Commercial
15,723,204
16,422,431
Services
44,186,594
47,846,075
Contracting
1,619,992
2,569,326
Real estate
20,136,136
17,562,657
Consumers
9,871,626
8,466,853
Other sectors
2,661,444
2,854,314
Total funded
152,038,829
151,104,051
Un-funded
Government institutions & semi government agencies
3,031,261
5,570,474
Services
15,895,370
11,307,284
Commercial and others
16,674,034
15,367,084
Total un-funded
35,600,665
32,244,842
Total
187,639,494
183,348,893

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
120
4. FINANCIAL RISK MANAGEMENT (continued)
(b) Credit risk (continued)
 
(v) Credit Quality
 
 
The credit quality of ﬁnancial assets is managed by the Group using internal and external credit risk ratings. The Group 
follows an internal obligor risk rating (ORR) mechanism for grading relationships across its credit portfolio. The Group 
utilises a ten-scale credit rating system with positive and negative modiﬁers, giving a total scale range of 22, of which 19 
(with positive and negative modiﬁers) relate to performing and three to non-performing. Within performing, ORR 1 to 
4- represents investment grade, ORR 5+ to 7+ represents sub-investment grade and 7 and 7- represent watch list. ORR 
8 to 10 represents sub-standard, doubtful and loss respectively. All credits are assigned a rating in accordance with the 
deﬁned criteria. The Group endeavors continuously to improve upon the internal credit risk rating methodologies and 
credit risk management policies and practices to reﬂect the true underlying credit risk of the portfolio and the credit 
culture in the Group. All lending relationships are reviewed at least once in a year and more frequently in the case of 
non-performing assets.
 
 
The following table sets out information about the credit quality of ﬁnancial assets, commitments and ﬁnancial 
guarantees.
2024
Cash and Balances with Central Banks 
(Excluding Cash on Hand) and Due from 
Banks
Stage 1
Stage 2
Stage 3
Total
Investment grade - ORR 1 to 4
19,296,714
-
-
19,296,714
Sub-investment grade - ORR 5 to 7
5,104,454
2,289,124
-
7,393,578
Substandard - ORR 8
-
-
-
-
Doubtful - ORR 9
-
-
-
-
Loss - ORR 10
-
-
-
-
Total - Gross
24,401,168
2,289,124
-
26,690,292
Loss allowance
(30,717)
(17,591)
-
(48,308)
24,370,451
2,271,533
-
26,641,984
Accrued Interest
35,460
Carrying amount
26,677,444

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
121
4. FINANCIAL RISK MANAGEMENT (continued)
(b) Credit risk (continued)
 
(v) Credit Quality (continued)
2024
Loans and advances to Customers
Stage 1
Stage 2
Stage 3
Total
Investment grade - ORR 1 to 4
39,940,308
77,066
-
40,017,374
Sub-investment grade - ORR 5 to 7
31,337,111
18,232,804
-
49,569,915
Substandard - ORR 8
-
-
2,459,215
2,459,215
Doubtful - ORR 9
-
-
851,820
851,820
Loss - ORR 10
-
-
2,565,843
2,565,843
Total - Gross
71,277,419
18,309,870
5,876,878
95,464,167
Loss allowance
(222,408)
(1,504,871)
(3,102,389)
(4,829,668)
71,055,011
16,804,999
2,774,489
90,634,499
Accrued Interest
845,509
Carrying amount
91,480,008
2024
Investment Securities - Debt
Stage 1
Stage 2
Stage 3
Total
Investment grade - ORR 1 to 4
24,323,121
1,777,223
-
26,100,344
Sub-investment grade - ORR 5 to 7
5,329,411
59,565
-
5,388,976
Substandard - ORR 8
-
-
-
-
Doubtful ORR 9
-
-
-
-
Loss - ORR 10
-
-
-
-
Total - Gross
29,652,532
1,836,788
-
31,489,320
Loss allowance
(30,478)
(4,607)
-
(35,085)
29,622,054
1,832,181
-
31,454,235
Accrued interest
449,864
Carrying amount
31,904,099

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
122
4. FINANCIAL RISK MANAGEMENT (continued)
(b) Credit risk (continued)
 
(v) Credit Quality (continued)
2024
Loan Commitments and  
ﬁnancial Guarantees
Stage 1
Stage 2
Stage 3
Total
Investment grade - ORR 1 to 4
20,341,952
49,522
-
20,391,474
Sub-investment grade - ORR 5 to 7
13,557,774
1,572,203
-
15,129,977
Substandard - ORR 8
-
-
11,459
11,459
Doubtful ORR 9
-
-
-
-
Loss - ORR 10
-
-
67,755
67,755
Total - Gross
33,899,726
1,621,725
79,214
35,600,665
Loss allowance
(35,037)
(16,335)
(72,269)
(123,641)
Carrying amount
33,864,689
1,605,390
6,945
35,477,024
2023
Cash and Balances with Central Banks 
(Excluding Cash on Hand) and Due from Banks
Stage 1
Stage 2
Stage 3
Total
Investment grade - ORR 1 to 4
20,269,290
-
-
20,269,290
Sub-investment grade - ORR 5 to 7
5,245,462
2,356,188
-
7,601,650
Substandard - ORR 8
-
-
-
-
Doubtful - ORR 9
-
-
-
-
Loss - ORR 10
-
-
-
-
Total - Gross
25,514,752
2,356,188
-
27,870,940
Loss allowance
(43,475)
(19,006)
-
(62,481)
25,471,277
2,337,182
-
27,808,459
Accrued Interest
12,007
Carrying amount
27,820,466

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
123
4. FINANCIAL RISK MANAGEMENT (continued)
(b) Credit risk (continued)
 
(v) Credit Quality (continued)
2023
Loans and advances to Customers
Stage 1
Stage 2
Stage 3
Total
Investment grade - ORR 1 to 4
39,625,747
160,172
-
39,785,919
Sub-investment grade - ORR 5 to 7
32,075,349
19,093,407
-
51,168,756
Substandard - ORR 8
-
-
1,386,722
1,386,722
Doubtful - ORR 9
-
-
192,571
192,571
Loss - ORR 10
-
-
4,073,065
4,073,065
Total - Gross
71,701,096
19,253,579
5,652,358
96,607,033
Loss allowance
(183,563)
(1,779,601)
(3,977,594)
(5,940,758)
71,517,533
17,473,978
1,674,764
90,666,275
Accrued Interest
824,135
Carrying amount
91,490,410
2023
Investment Securities - Debt
Stage 1
Stage 2
Stage 3
Total
Investment grade - ORR 1 to 4
23,724,920
256,466
-
23,981,386
Sub-investment grade - ORR 5 to 7
5,287,977
60,176
-
5,348,153
Substandard - ORR 8
-
-
-
-
Doubtful ORR 9
-
-
-
-
Loss - ORR 10
-
-
-
-
Total - Gross
29,012,897
316,642
-
29,329,539
Loss allowance
(51,808)
(5,352)
-
(57,160)
28,961,089
311,290
-
29,272,379
Accrued interest
381,724
Carrying amount
29,654,103

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
124
4. FINANCIAL RISK MANAGEMENT (continued)
(b) Credit risk (continued)
 
(v) Credit Quality (continued)
2023
Loan Commitments and  
ﬁnancial Guarantees
Stage 1
Stage 2
Stage 3
Total
Investment grade - ORR 1 to 4
23,102,090
38,906
-
23,140,996
Sub-investment grade - ORR 5 to 7
7,343,806
1,558,098
-
8,901,904
Substandard - ORR 8
-
-
14,761
14,761
Doubtful ORR 9
-
-
26
26
Loss - ORR 10
-
-
187,155
187,155
Total - Gross
30,445,896
1,597,004
201,942
32,244,842
Loss allowance
(23,778)
(9,292)
(171,769)
(204,839)
Carrying amount
30,422,118
1,587,712
30,173
32,040,003
 
 
Rescheduled loans and advances to customers
 
 
Rescheduled activities include extended payment arrangements, approved external management plans, modiﬁcation 
and deferral of payments. Restructuring policies and practices are based on indicators or criteria that, in the judgement 
of local management, indicate that payment will most likely continue. These policies are kept under continuous review. 
Following restructuring, a previously overdue customer account is reset to a normal status and managed together 
with other similar accounts as non-impaired. The accounts which are restructured due to credit reasons in past 12 
months will be classiﬁed under stage 2.
 
 
Collateral
 
 
The determination of eligible collateral is based on QCB regulations and are assessed by reference to market price or 
indices of similar assets.
 
 
The Group has collateral in the form of blocked deposits, pledge of shares or legal mortgage against loans and 
advances to customers. Aggregate collateral for stage 1 as at 31 December 2024 is QAR 45,627 million (2023: QAR 
53,609 million), stage 2 QAR 12,602 million (2023: QAR 17,754 million) and stage 3 QAR 2,591 million (2023: QAR 
2,661 million).
 
(vi) Repossessed collateral
 
 
During the year, the Group acquired ownership of land and building by taking possession of collateral held as security 
for an amount of QAR 134.6 million (2023: QAR 392 million).
 
 
Repossessed properties proceeds are used to reduce the outstanding indebtedness and are sold as soon as 
practicable. Repossessed property is classiﬁed in the consolidated statement of ﬁnancial position within other assets.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
125
4. FINANCIAL RISK MANAGEMENT (continued)
(b) Credit risk (continued)
 
(vii) Write-oﬀ policy
 
 
Financial assets are written oﬀ (either partially or in full) when there is no reasonable expectation of recovering a 
ﬁnancial asset in its entirety or a portion thereof. This is generally the case when the Group determines that the 
borrower does not have assets or sources of income that could generate suﬃcient cash ﬂows to repay the amounts 
subject to the write-oﬀ. This assessment is carried out at the individual asset level. Recoveries of amounts previously 
written oﬀ are recognised when cash is received. Financial assets that are written oﬀ could still be subject to 
enforcement activities in order to comply with the Group’s procedures for recovery of amounts due. Write-oﬀs are 
subject to regulatory approvals, if any. The amount written oﬀ during the year was QAR 2.3 billion (2023: QAR 876 
million).
 
(viii) Inputs, assumptions and techniques used for estimating impairment
 
 
Signiﬁcant increase in credit risk
 
 
When determining whether the risk of default on a ﬁnancial instrument has increased signiﬁcantly since initial 
recognition, the Group considers reasonable and supportable information that is relevant and available without undue 
cost or eﬀort. This includes both quantitative and qualitative information and analysis including internal credit risk 
grading system, external risk ratings, where available, delinquency status of accounts, credit judgement and, where 
possible, relevant historical experience. The Group may also determine that an exposure has undergone a signiﬁcant 
increase in credit risk based on particular Qualitative indicators that it considers are indicative of such and whose eﬀect 
may not otherwise be fully reﬂected in its Quantitative analysis on a timely basis.
 
 
In determining whether credit risk has increased signiﬁcantly since initial recognition following criteria are considered:
 
 
i) 
Two ‘absolute’ notches downgrade for ratings better than Rating Grade 5 at the time of origination and one 
‘absolute’ notch rating downgrade for other rated customers.
 
 
ii) Facilities restructured during previous twelve months.
 
 
iii) Facilities overdue by 30 days as at the reporting date in case of Retail Products and overdue by 60 days for 
corporate customers.
 
 
Credit risk grades
 
 
Credit risk grades are deﬁned using qualitative and quantitative factors that are indicative of risk of default. These 
factors vary depending on the nature of the exposure and the type of borrower. Exposures are subject to on-going 
monitoring, which may result in an exposure being moved to a diﬀerent credit risk grade.
 
 
Generating the term structure of Probability of Default (PD)
 
 
The Group employs its own database of default history to model estimates of PD for respective ratings that are used 
in credit decision making. Yearly transition matrices are developed to capture the rating migration of borrowers and 
yearly PDs are calculated through-the-cycle (TTC) PD. In order the transform the TTC PD to point in time, a credit index 
calculated over the passage of time based upon minimizing the sum of the squared diﬀerences between the TTC PD 
and Point-in-time (PIT) PD matrix elements. This analysis includes the identiﬁcation and calibration of relationships 
between changes in default rates and changes in key macro-economic factors, across various geographies in which 
the Group has exposures.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
126
4. FINANCIAL RISK MANAGEMENT (continued)
(b) Credit risk (continued)
 
(viii) Inputs, assumptions and techniques used for estimating impairment (continued)
 
 
Renegotiated ﬁnancial assets
 
 
The contractual terms of a loan may be modiﬁed for a number of reasons, including changing market conditions, 
customer retention and other factors not related to a current or potential credit deterioration of the customer. This 
may involve extending the payment arrangements and documenting the agreement of new loan conditions. 
Management continuously reviews renegotiated loans to ensure that all criteria are met and that future payments are 
likely to occur.
 
 
The accounts which are restructured due to credit reasons in past 12 months will be classiﬁed under Stage 2.
 
 
Deﬁnition of default
 
 
The Group considers a ﬁnancial asset to be in default when:
 
 
– the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions 
such as realising security (if any is held); or
 
 
– the borrower is past due more than 90 days on any material credit obligation to the Group; or
 
 
– the borrower is rated 8 (Sub-standard), rated 9 (Doubtful) or 10 (Loss).
 
 
In assessing whether a borrower is in default, the Group also considers indicators that are:
 
 
– quantitative – e.g. overdue status and non-payment on another obligation of the same issuer to the Group; and
 
 
– based on data developed internally and obtained from external sources.
 
 
Inputs into the assessment of whether a ﬁnancial instrument is in default and their signiﬁcance may vary over time to 
reﬂect changes in circumstances. The deﬁnition of default largely aligns with that applied for regulatory capital 
purposes.
 
 
Measurement of ECL
 
 
The key inputs into the measurement of ECL are the term structure of the following variables:
 
 
– probability of default (PD);
 
 
– loss given default (LGD); and
 
 
– exposure at default (EAD).
 
 
These parameters are generally derived from internally developed statistical models and other historical data. They 
are adjusted to reﬂect forward-looking information as described above.
 
 
PD estimates are estimates at a certain date, which are calculated based on statistical rating models. These statistical 
models are primarily based on internally compiled data comprising both quantitative and qualitative factors.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
127
4. FINANCIAL RISK MANAGEMENT (continued)
(b) Credit risk (continued)
 
(viii) Inputs, assumptions and techniques used for estimating impairment (continued)
 
 
Measurement of ECL (continued)
 
 
LGD is the magnitude of the likely loss if there is a default. The Group has applied LGD factors based on the type of 
collateral available and has used the LGD ﬂoors that are prescribed by QCB for certain collateral types.
 
 
LGD estimation includes:
 
 
1) Cure Rate: Deﬁned as the ratio of accounts which have fallen to default and have managed to move backward to 
the performing accounts.
 
 
2) Recovery Rate: Deﬁned as the ratio of liquidation value to market value of the underlying collateral at the time of 
default would also account for expected recovery rate from a general claim on the individual’s assets for the 
unsecured portion of the exposure.
 
 
3) Discounting Rate: Deﬁned as the opportunity cost of the recovery value not being realized on the day of default 
adjusted for time value.
 
 
EAD represents the expected exposure in the event of a default. The Group derives the EAD from the current exposure 
to the counterparty and potential changes to the current amount allowed under the contract including amortization. 
The EAD of a ﬁnancial asset is its gross carrying amount.
 
 
For lending commitments and ﬁnancial guarantees, the EAD includes the amount drawn, as well as potential future 
amounts that may be drawn under the contract, which are estimated based on historical observations and forward-
looking forecasts.
 
 
Incorporation of forward-looking information
 
 
Incorporating forward-looking information increases the level of judgement as to how changes in these 
macroeconomic factors will aﬀect the Expected Credit Loss (ECL) applicable to the stage 1 and stage 2 exposures 
which are considered as performing. The methodologies and assumptions involved, including any forecasts of future 
economic conditions, are reviewed periodically.
 
 
The assessment of Signiﬁcant Increase in Credit Risk (SICR) and the calculation of ECL both incorporate forward-
looking information. The Group has performed historical analysis and identiﬁed the key economic variables impacting 
credit risk and expected credit losses for each portfolio.
 
 
The Group employs statistical models to incorporate macro-economic factors on historical default rates. In the case 
that none of the macro-economic parameters are statistically signiﬁcant or the results of forecasted PDs are too 
deviated from the present forecast of the economic conditions, qualitative PD overlay is used by management based 
on portfolio analysis.
 
 
These economic variables and their associated impact on the PD, EAD and LGD vary by ﬁnancial instrument. Expert 
judgement has also been applied in this process. Forecasts of these economic variables (the ‘base economic 
scenario’) are based on available information and include mean reversion approaches for long-term forecasts. The 
impact of these economic variables on the PD has been determined by performing statistical regression analysis. 

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
128
4. FINANCIAL RISK MANAGEMENT (continued)
(b) Credit risk (continued)
 
(viii) Inputs, assumptions and techniques used for estimating impairment (continued)
 
 
Incorporation of forward-looking information (continued)
 
 
In addition to the base economic scenario, other possible scenarios are assessed along with scenario weightings. The 
number of other scenarios used is set based on the analysis of each major product type to ensure non linearities are 
captured. At 31 December 2024, the Group concluded that three scenarios appropriately captured non linearities for 
all portfolios. The scenario weightings are determined by a combination of statistical analysis and expert credit 
judgement, taking account of the range of possible outcomes each chosen scenario is representative of. The 
assessment of SICR is performed using the lifetime PD under each of the base, and other scenarios, multiplied by the 
associated scenario weighting, along with qualitative and backstop indicators. This determines whether the whole 
ﬁnancial instrument is in Stage 1, Stage 2 or Stage 3 and hence whether 12-month or lifetime ECL should be recorded. 
Following this assessment, the Group measures ECL as either a probability weighted 12 month ECL (Stage 1), or a 
probability weighted lifetime ECL (Stages 2 and 3).
 
 
These probability-weighted ECLs are determined by running each scenario through the relevant ECL model and 
multiplying it by the appropriate scenario weighting (as opposed to weighting the inputs). As with any economic 
forecasts, the projections and likelihoods of occurrence are subject to a high degree of inherent uncertainty and 
therefore the actual outcomes may be signiﬁcantly diﬀerent to those projected. The Group considers these forecasts 
to represent its best estimate of the possible outcomes.
 
 
Predicted relationships between the key indicators and default and loss rates on various portfolios of ﬁnancial assets 
have been developed based on analyzing historically data estimate of expected credit losses. In reality there will be 
interdependencies between the various economic inputs and the exposure to sensitivity will vary across the economic 
scenarios.
 
 
The ECL models have been updated through adjustments in the methods of scenario construction and the underlying 
weightages assigned to these scenarios. The forward-looking factor (here Credit Index or CI) used is determined from 
the observed historical default rates of the speciﬁc portfolios. The credit index is used to forecast expected point-in-
time probabilities of default for the credit portfolio of the Bank.
 
 
For the purpose of estimation of ECL, following assumptions were used:
2024
2023
Average oil prices
$72/bbl
$87/bbl
GDP growth
2.0%
2.4%

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
129
4. FINANCIAL RISK MANAGEMENT (continued)
(b) Credit risk (continued)
 
(viii) Inputs, assumptions and techniques used for estimating impairment (continued)
 
 
For the purpose of estimation of ECL, following assumptions were used (continued):
2024
2023
Upside Case
15%
15%
Base Case
70%
70%
Downside Case
15%
15%
 
 
Other forward-looking considerations not otherwise incorporated within the above scenarios, such as the impact of 
any regulatory, legislative or political changes, have also been considered, but are not deemed to have a material 
impact and therefore no adjustment has been made to the ECL for such factors. This is reviewed and monitored for 
appropriateness on a quarterly basis.
 
 
The table below shows the loss allowance on loans and advances to customers assuming each forward-looking 
scenario (e.g. base, upside and downside) were weighted 100% instead of applying scenario probability weights 
across the three scenarios.
2024
2023
100% Base Case, loss allowance would be higher/ (lower) by
(5,682)
(8,089)
100% Upside Case, loss allowance would be higher/ (lower) by
(139,415)
(114,368)
100% Downside Case, loss allowance would be higher/ (lower) by
176,341
153,932
 
 
These estimates are based on comparisons performed at 31 December.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
130
4. FINANCIAL RISK MANAGEMENT (continued)
(b) Credit risk (continued)
 
(viii) Inputs, assumptions and techniques used for estimating impairment (continued)
2024
Movement in ECL
Stage 1
Stage 2
Stage 3
Total
Opening Balance as at 1 January 2024
Due from banks and balances with central banks
43,475
19,006
-
62,481
Loans and advances to customers
183,563
1,779,601
3,977,594
5,940,758
Investment Securities (Debt)
51,808
5,352
-
57,160
Loan Commitments and Financial Guarantees
23,778
9,292
171,769
204,839
302,624
1,813,251
4,149,363
6,265,238
ECL Charge for the Period (net)
Due from banks and balances with central banks
(12,711)
(1,415)
-
(14,126)
Loans and advances to customers
46,819
(315,486)
1,393,433
1,124,766
Investment Securities (Debt)
(21,292)
(745)
-
(22,037)
Loan Commitments and Financial Guarantees
9,755
6,919
(99,826)
(83,152)
22,571
(310,727)
1,293,607
1,005,451
Write oﬀs / Transfer
Due from banks and balances with central banks
-
-
-
-
Loans and advances to customers
-
-
(2,258,811)
(2,258,811)
Investment Securities (Debt)
-
-
-
-
Loan Commitments and Financial Guarantees
-
-
-
-
-
-
(2,258,811)
(2,258,811)
Exchange diﬀerences
Due from banks and balances with central banks
(47)
-
-
(47)
Loans and advances to customers
(7,974)
40,756
(9,827)
22,955
Investment Securities (Debt)
(38)
-
-
(38)
Loan Commitments and Financial Guarantees
1,504
124
326
1,954
(6,555)
40,880
(9,501)
24,824
Closing Balance as at 31 December 2024
Due from banks and balances with central banks
30,717
17,591
-
48,308
Loans and Advances to Customers*
222,408
1,504,871
3,102,389
4,829,668
Investment Securities (Debt)
30,478
4,607
-
35,085
Loan Commitments and Financial Guarantees
35,037
16,335
72,269
123,641
318,640
1,543,404
3,174,658
5,036,702
 
 
*Allowance for impairment of loans and advances to customers includes QAR 777 million of interest in suspense 
(2023: QAR 557 million).

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
131
4. FINANCIAL RISK MANAGEMENT (continued)
(b) Credit risk (continued)
 
(viii) Inputs, assumptions and techniques used for estimating impairment (continued)
2023
Movement in ECL
Stage 1
Stage 2
Stage 3
Total
Opening Balance as at 1 January 2023
Due from banks and balances with central banks
39,033
41,472
-
80,505
Loans and advances to customers
177,181
1,565,009
3,924,601
5,666,791
Investment Securities (Debt)
55,993
6,997
-
62,990
Loan Commitments and Financial Guarantees
71,105
26,415
220,833
318,353
343,312
1,639,893
4,145,434
6,128,639
ECL Charge for the Period (net)
Due from banks and balances with central banks
4,566
(22,466)
-
(17,900)
Loans and advances to customers
5,627
202,410
999,396
1,207,433
Investment Securities (Debt)
(4,153)
(1,645)
-
(5,798)
Loan Commitments and Financial Guarantees
(46,434)
(18,287)
(26,580)
(91,301)
(40,394)
160,012
972,816
1,092,434
Write oﬀs / Transfer
Due from banks and balances with central banks
-
-
-
-
Loans and advances to customers
-
-
(875,604)
(875,604)
Investment Securities (Debt)
-
-
-
-
Loan Commitments and Financial Guarantees
-
-
(19,821)
(19,821)
-
-
(895,425)
(895,425)
Exchange diﬀerences
Due from banks and balances with central banks
(124)
-
-
(124)
Loans and advances to customers
755
12,182
(70,799)
(57,862)
Investment Securities (Debt)
(32)
-
-
(32)
Loan Commitments and Financial Guarantees
(893)
1,164
(2,663)
(2,392)
(294)
13,346
(73,462)
(60,410)
Closing Balance as at 31 December 2023
Due from banks and balances with central banks
43,475
19,006
-
62,481
Loans and Advances to Customers
183,563
1,779,601
3,977,594
5,940,758
Investment Securities (Debt)
51,808
5,352
-
57,160
Loan Commitments and Financial Guarantees
23,778
9,292
171,769
204,839
302,624
1,813,251
4,149,363
6,265,238

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
132
4. FINANCIAL RISK MANAGEMENT (continued)
(c) Liquidity risk
 
Liquidity risk is the risk that the Group is unable to meet its obligations when they fall due as a result of e.g. customer deposits 
being withdrawn, cash requirements from contractual commitments, or other cash outﬂows, such as debt maturities or 
margin calls for derivatives etc. Such outﬂows would deplete available cash resources for client lending, trading activities 
and investments. In extreme circumstances, lack of liquidity could result in reductions in the consolidated statement of 
ﬁnancial position and sales of assets, or potentially an inability to fulﬁl lending commitments. The risk that the Group will be 
unable to do so is inherent in all banking operations and can be aﬀected by a range of institution-speciﬁc and market-wide 
events including, but not limited to, credit events, merger and acquisition activity, systemic shocks and natural disasters.
 
(i) Management of liquidity risk
 
 
The management of liquidity risk is governed by the Group’s liquidity policy. The primary objective of liquidity risk 
management; over which ALCO has oversight, is to provide a planning mechanism for unanticipated changes in the 
demand or needs for liquidity created by customer behavior or abnormal market conditions. ALCO emphasizes the 
maximization and preservation of customer deposits and other funding sources. ALCO also monitors deposit rates, 
levels, trends and signiﬁcant changes. Deposit marketing plans are regularly reviewed for consistency with the liquidity 
policy requirements. ALCO has in place a contingency plan, which is periodically reviewed. The Group’s ability to raise 
wholesale and/or long term funding at competitive costs is directly impacted by the Bank’s credit ratings, which are as 
follows:
 
 
Moody’s: 
Long Term A2, Short Term P1, ﬁnancial strength ba1 and outlook Stable.
 
 
Fitch: 
Long Term A, Short Term F1, ﬁnancial strength bb+ and outlook Stable.
 
 
Standard & Poor’s: Long Term A-, Short Term A2, ﬁnancial strength bbb- and outlook stable
 
(ii) Exposure to liquidity risk
 
 
The key measure used by the Group for managing liquidity risk is the ratio of net liquid assets to deposits from 
customers. For this purpose, net liquid assets are considered as including cash and cash equivalents and investment 
grade debt securities for which there is an active and liquid market less any deposits from banks, debt securities, other 
borrowings and commitments maturing within the next month. A similar, but not identical, calculation is used to 
measure the Group’s compliance with the liquidity limit established by the Group’s lead regulator, QCB under the 
heading ‘Liquidity coverage ratio’ (LCR). The average liquidity coverage ratio maintained by the Group as at 31 
December 2024 is 270.1% (2023: 264.4%), as against the minimum requirement of 100% for the year ended 31 
December 2024 (100% for 31 December 2023) as per QCB regulations.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
133
4. FINANCIAL RISK MANAGEMENT (continued)
(c) Liquidity risk (continued)
 
(iii) Maturity analysis
 
 
The following table sets out the maturity proﬁle of the Group’s assets and liabilities. The contractual maturities of assets 
and liabilities have been determined on the basis of the remaining period at 31 December to the contractual maturity 
date and do not take account of the eﬀective maturities as indicated by the Group’s deposit retention history and the 
availability of liquid funds. Management monitors the maturity proﬁle to ensure that adequate liquidity is maintained.
Carrying 
amount
Demand / 
within 
1 month
1-3 months
3 months – 
 1 year
Subtotal 
1 year
1-5 years
More than 
5 years No Maturity
2024
Cash and balances 
with central banks
7,306,830
1,800,726
-
-
1,800,726
-
-
5,506,104
Due from banks
20,705,383
9,814,510
2,707,655
6,991,404
19,513,569
1,191,814
-
-
Loans and advances 
to customers
91,480,008
7,281,335
5,134,596
4,883,145
17,299,076
21,341,815
52,839,117
-
Investment 
securities
33,228,625
727,879
1,041,737
3,646,108
5,415,724
14,053,600
12,433,077
1,326,224
Investment in 
associates and a 
joint arrangement
3,659,348
-
-
-
-
-
-
3,659,348
Property and 
equipment and all 
other assets
9,432,802
744,478
1,120,823
164,309
2,029,610
102,639
-
7,300,553
Total
165,812,996
20,368,928
10,004,811 15,684,966
46,058,705 36,689,868
65,272,194
17,792,229
Due to banks
20,840,281
5,354,367
9,131,427
4,952,504
19,438,298
1,396,124
-
5,859
Customer deposits
77,006,817
43,256,280
13,232,871
17,418,702
73,907,853
3,098,138
-
826
Debt securities
10,734,890
823,387
326,526
2,406,969
3,556,882
6,047,425
1,130,583
-
Other borrowings
24,729,655
71,094
560,125
3,096,504
3,727,723
21,001,932
-
-
Other liabilities
6,012,609
4,740,250
675,847
586,302
6,002,399
10,210
-
-
Total
139,324,252
54,245,378
23,926,796 28,460,981
106,633,155
31,553,829
1,130,583
6,685
Diﬀerence
26,488,744 (33,876,450) (13,921,985) (12,776,015) (60,574,450)
5,136,039
64,141,611
17,785,544

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
134
4. FINANCIAL RISK MANAGEMENT (continued)
(c) Liquidity risk (continued)
 
(iii) Maturity analysis (continued)
Carrying 
amount
Demand / 
within 
1 month 1-3 months
3 months – 
 1 year
Subtotal 
1 year
1-5 years
More than 
5 years No Maturity
2023
Cash and balances 
with central banks
8,631,193
3,122,328
-
-
3,122,328
-
-
5,508,865
Due from banks
20,525,334
8,840,993
3,855,432
7,665,600
20,362,025
163,309
-
-
Loans and advances 
to customers
91,490,410
5,404,824
3,285,915
16,722,150
25,412,889
14,255,423
51,822,098
-
Investment securities
30,762,358
1,294,190
1,652,969
5,195,484
8,142,643
13,652,715
7,847,676
1,119,324
Investment in 
associates and a joint 
arrangement
3,373,307
-
-
-
-
-
-
3,373,307
Property and 
equipment and all 
other assets
9,593,669
971,487
1,196,786
-
2,168,273
82,476
-
7,342,920
Total
164,376,271
19,633,822
9,991,102
29,583,234
59,208,158
28,153,923
59,669,774
17,344,416
Due to banks
18,805,257
5,616,753
5,429,247
3,749,502
14,795,502
4,001,910
-
7,845
Customer deposits
76,541,228
37,863,470
10,610,349
26,253,370
74,727,189
1,812,331
-
1,708
Debt securities
7,899,400
79,381
237,832
1,545,760
1,862,973
4,890,453
1,145,974
-
Other borrowings
26,266,888
215,115
1,441,225
6,730,423
8,386,763
17,862,136
-
17,989
Other liabilities
10,457,673
4,062,709
1,213,647
4,622,852
9,899,208
558,465
-
-
Total
139,970,446
47,837,428
18,932,300
42,901,907
109,671,635
29,125,295
1,145,974
27,542
Diﬀerence
24,405,825 (28,203,606)
(8,941,198)
(13,318,673)
(50,463,477)
(971,372) 58,523,800
17,316,874

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
135
4. FINANCIAL RISK MANAGEMENT (continued)
(c) Liquidity risk (continued)
 
(iv) Maturity analysis (ﬁnancial liabilities)
 
 
The table below summarizes the maturity proﬁle of the Group’s ﬁnancial liabilities at 31 December based on contractual 
undiscounted repayment obligations.
2024
Carrying 
amount
Gross 
undiscounted 
cash ﬂows
Less than 
1 month
1-3 months
3 months – 
1 year
1-5 years
More than 
5 years
Non-derivative 
ﬁnancial liabilities
Due to banks
20,840,281
22,160,386
5,607,647
9,936,333
5,161,076
1,455,330
-
Customer deposits
77,006,817
79,579,431 44,650,246
13,692,738
18,032,381
3,204,066
-
Debt securities
10,734,890
12,775,912
823,387
363,166
2,496,773
7,930,250
1,162,336
Other borrowings
24,729,655
25,238,034
349,342
448,829
2,997,257 21,442,606
-
Total liabilities
133,311,643 139,753,763 51,430,622 24,441,066 28,687,487 34,032,252
1,162,336
2023
Carrying 
amount
Gross 
undiscounted 
cash ﬂows
Less than 
1 month
1-3 months
3 months – 
 1 year
1-5 years
More than 
5 years
Non-derivative 
ﬁnancial liabilities
Due to banks
18,805,257 20,000,571 5,759,989 6,092,222
3,845,011 4,303,349
-
Customer deposits
76,541,228 79,231,869 39,159,381 10,992,483 27,202,834
1,877,171
-
Debt securities
7,899,400
8,677,577
79,381
238,824
1,598,370
5,531,292
1,229,710
Other borrowings
26,266,888
27,207,714
118,354
1,592,376 6,795,548 18,701,436
-
Total liabilities
129,512,773
135,117,731
45,117,105 18,915,905 39,441,763 30,413,248
1,229,710

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
136
4. FINANCIAL RISK MANAGEMENT (continued)
(c) Liquidity risk (continued)
 
(v) Oﬀ-balance sheet items
 
 
The table below summarizes contractual expiry dates of the Group’s oﬀ - ﬁnancial position ﬁnancial instruments:
2024
Below 1 Year
Above 1 Year
Total
Unutilized credit facilities
9,664,603
6,101,092
15,765,695
Guarantees
10,949,447
8,885,523
19,834,970
Capital commitments
118,011
-
118,011
Total liabilities
20,732,061
14,986,615
35,718,676
2023
Below 1 Year
Above 1 Year
Total
Unutilized credit facilities
6,079,001
7,242,828
13,321,829
Guarantees
10,930,278
7,992,735
18,923,013
Capital commitments
330,212
-
330,212
Total liabilities
17,339,491
15,235,563
32,575,054
(d) Market risk
 
The Group takes exposure to market risk, which is the risk that the fair value or future cash ﬂows of a ﬁnancial instrument will 
ﬂuctuate because of changes in market prices. Market risks arise from open positions in interest rate, currency and equity 
products, all of which are exposed to general and speciﬁc market movements and changes in the level of volatility of market 
rates or prices such as interest rates, credit spreads, foreign exchange rates and equity prices. The Group separates 
exposures to market risk into either trading or non-trading portfolios and by product type.
 
The market risks arising from trading and non-trading activities are concentrated in Group Treasury and monitored by two 
teams separately. Regular reports are submitted to the Board of Directors and heads of each business unit.
 
Trading portfolios include those positions arising from market-making transactions where the Group acts as principal with 
clients or with the market.
 
Non-trading portfolios primarily arise from the interest rate management of the entity’s retail and commercial banking 
assets and liabilities. Non-trading portfolios also consist of foreign exchange and sovereign bond investments.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
137
4. FINANCIAL RISK MANAGEMENT (continued)
(d) Market risk (continued)
 
(i) Management of market risks
 
 
Overall authority for market risk is vested in ALCO. Group Market Risk is responsible for the development of detailed 
risk management policies (subject to review and approval by ALCO) and for the day-to-day review of their 
implementation.
 
 
The Group’s proprietary investments are managed according to the Group’s internal investment policy, which has been 
approved by the Board of Directors and drafted in accordance with the Qatar Central Bank guidelines. The Group’s 
trading activities are conducted by Treasury and Investments Division. These activities are subject to business line 
guidelines and policies. The Group employs several techniques to measure and control activities including sensitivity 
analysis, position limits and risk based limits.
 
 
Investment proposals are approved at the Investment Committee and decisions driven by the investment strategy, 
which is developed by the business line under ALCO oversight and approved by the Board.
 
(ii) Exposure to interest rate risk
 
 
The principal risk to which ﬁnancial instruments are exposed is the risk of loss from ﬂuctuations in the future cash ﬂows 
or fair values of ﬁnancial instruments because of a change in market interest rates. Interest rate risk is managed 
principally through monitoring interest rate gaps and by having pre-approved limits for repricing bands. ALCO is the 
monitoring body for compliance with these limits and is assisted by Group Treasury in its day-to-day monitoring 
activities.
 
 
The Group takes on exposure to the eﬀects of ﬂuctuations in the prevailing levels of market interest rates on both its fair 
value and cash ﬂow risks. Interest margins may increase as a result of such changes but may reduce losses in the event 
that unexpected movements arise. The Board sets limits on the level of mismatch of interest rate repricing that may be 
undertaken, which is monitored daily by Group Treasury.
 
 
The Asset and Liability Management (“ALM”) process, managed through ALCO, is used to manage interest rate risk 
associated with ﬁnancial instruments. Interest rate risk represents the most signiﬁcant market risk exposure to the 
Group’s ﬁnancial instruments.
 
 
The Group’s goal is to manage interest rate sensitivity so that movements in interest rates do not adversely aﬀect net 
interest income. Interest rate risk is measured as the potential volatility to the net interest rate income caused by 
changes in market interest rates. The Group typically manages the interest rate risk of its ﬁnancial instruments by 
segmenting these assets and liabilities into two broad portfolios: non–discretionary and discretionary. The non-
discretionary portfolio consists of the Group’s customer driven loans and deposit positions and securities required to 
support regulatory requirements. To manage the resulting interest rate sensitivity of the Group’s non-discretionary 
portfolio, the Group uses a discretionary portfolio of securities, long dated deposits, inter-bank takings and placements, 
and when warranted, derivatives. Strategically positioning the discretionary portfolio, the Group largely manages the 
interest rate sensitivity in the non-discretionary portfolio.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
138
4. FINANCIAL RISK MANAGEMENT (continued)
(d) Market risk (continued)
 
(ii) Exposure to interest rate risk (continued)
 
 
The following table summarizes the interest sensitivity position at year end, by reference to the re-pricing period or 
maturity of the Group’s assets and liabilities.
 
 
A summary of the Group’s interest rate gap position is as follows:
Repricing in:
Eﬀective 
interest 
rate %
2024
Carrying 
amount
Less than 3 
months 3-12 months
1-5 years
More than 
5 years
Non- 
interest 
sensitive
Cash and balances 
with central banks
7,306,830
1,739,376
-
-
-
5,567,454
Due from banks
20,705,383
6,837,593
9,308,683
1,189,757
-
3,369,350
3.96%
Loans and 
advances to 
customers
91,480,008
36,836,222
52,025,544
1,920,362
91,865
606,015
8.09%
Investment 
securities
33,228,625
2,352,790
4,783,882
12,767,437
11,960,519
1,363,997
5.29%
Investment in 
associates and a 
joint arrangement
3,659,348
-
-
-
-
3,659,348
Property and 
equipment and all 
other assets
9,432,802
263,279
156,595
140,519
18,179
8,854,230
165,812,996  48,029,260 
66,274,704 
16,018,075
12,070,563 23,420,394
Due to banks
(20,840,281)
(14,558,333)
(4,791,795)
(1,278,709)
-
(211,444)
5.46%
Customer deposits
(77,006,817)
(40,350,393)
(17,418,702)
(3,098,138)
-
(16,139,584)
4.62%
Debt securities
(10,734,890)
(1,148,747)
(2,603,153)
(5,964,832)
(998,636)
(19,522)
2.55%
Other borrowings
(24,729,655)
(1,559,670)
(17,258,794)
(5,822,908)
-
(88,283)
5.41%
Other liabilities
(6,012,609)
(82,455)
(33,650)
(30,436)
(1,094)
(5,864,974)
Equity
(26,488,744)
-
-
-
- (26,488,744)
(165,812,996) (57,699,598) (42,106,094) (16,195,023)
(999,730) (48,812,551)
Interest rate 
sensitivity gap
-
(9,670,338)
24,168,610
(176,948)
11,070,833 (25,392,157)
Cumulative 
Interest rate 
sensitivity gap
-
(9,670,338)
14,498,272
14,321,324
25,392,157
-

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
139
4. FINANCIAL RISK MANAGEMENT (continued)
(d) Market risk (continued)
 
(ii) Exposure to interest rate risk (continued)
 
 
A summary of the Group’s interest rate gap position is as follows:
Repricing in:
Eﬀective 
interest 
rate %
2023
Carrying 
amount
Less than 3 
months 3-12 months
1-5 years
More than 
5 years
Non- 
interest 
sensitive
Cash and balances 
with central banks
8,631,193
2,664,973
-
-
-
5,966,220
Due from banks
20,525,334
8,338,004
8,057,867
163,308
-
3,966,155
3.77%
Loans and 
advances to 
customers
91,490,410
39,245,876
44,425,407
2,713,190
6,149
5,099,788
8.01%
Investment 
securities
30,762,358
3,993,123
7,474,399
1,113,490
17,073,091
1,108,255
5.28%
Investment in 
associates and a 
joint arrangement
3,373,307
-
-
-
-
3,373,307
Property and 
equipment and all 
other assets
9,593,669
-
-
-
-
9,593,669
164,376,271
54,241,976
59,957,673
3,989,988
17,079,240
29,107,394
Due to banks
(18,805,257)
(7,849,226)
(6,622,033)
(3,963,811)
-
(370,187)
5.00%
Customer deposits
(76,541,228) (32,695,704) (26,253,370)
(1,812,331)
- (15,779,823)
3.92%
Debt securities
(7,899,400)
(311,813)
(1,538,993) (4,867,825)
(1,161,434)
(19,335)
2.36%
Other borrowings
(26,266,888) (14,548,095) (8,900,600)
(2,711,843)
-
(106,350)
6.23%
Other liabilities
(10,457,673)
-
-
-
- (10,457,673)
Equity
(24,405,825)
-
-
-
- (24,405,825)
(164,376,271) (55,404,838) (43,314,996) (13,355,810)
(1,161,434)
(51,139,193)
Interest rate 
sensitivity gap
-
(1,162,862)
16,642,677 (9,365,822)
15,917,806 (22,031,799)
Cumulative Interest 
rate sensitivity gap
-
(1,162,862)
15,479,815
6,113,993
22,031,799
-

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
140
4. FINANCIAL RISK MANAGEMENT (continued)
(d) Market risk (continued)
 
(ii) Exposure to interest rate risk (continued)
 
 
Sensitivity analysis
 
 
The management of interest rate risk against interest rate gap limits is supplemented by monitoring the sensitivity of 
the Group’s ﬁnancial assets and liabilities to various standard and non-standard interest rate scenarios. Standard 
scenarios that are considered on a monthly basis include a 25 basis point (bp) parallel fall or rise in all yield curves 
worldwide and a 25 bp rise or fall in the greater than 12-month portion of all yield curves. An analysis of the Group’s 
sensitivity to an increase or decrease in market interest rates, assuming no a symmetrical movement in yield curves 
and a constant ﬁnancial position, is as follows:
Sensitivity of net interest income
25 bp parallel 
increase
25 bp parallel 
decrease
2024
At 31 December
28,684
(28,684)
Average for the year
23,649
(23,649)
2023
At 31 December
18,615
(18,615)
Average for the year
42,660
(42,660)
Sensitivity to reported Fair value reserve in equity of interest rate 
movements
25 bp parallel 
increase
25 bp parallel 
decrease
2024
At 31 December
4,921
(4,921)
Average for the year
4,989
(4,989)
2023
At 31 December
5,056
(5,056)
Average for the year
4,794
(4,794)
 
 
Interest rate movements aﬀect reported equity in the following ways:
 
 
• 
Retained earnings arising from increases or decreases in net interest income and the fair value changes reported 
in proﬁt or loss; and
 
 
• 
Fair value reserves arising from increases or decreases in fair values of debt securities which are reported directly 
in other comprehensive income.
 
 
Overall non-trading interest rate risk positions are managed by Group Treasury, which uses investment securities, 
advances to banks, deposits from banks and derivative instruments to manage the overall position arising from the 
Group’s non-trading activities.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
141
4. FINANCIAL RISK MANAGEMENT (continued)
(d) Market risk (continued)
 
(ii) Exposure to other market risks – non-trading portfolios
 
 
Foreign currency transactions
 
 
The Group monitors any concentration risk in relation to any individual currency in regard to the translation of foreign 
currency transactions and monetary assets and liabilities. The table shows the net foreign currency exposure by major 
currencies at the end of the reporting period along with the sensitivities if there were to be a change in the currency 
exchange rate.
Net foreign currency exposure:
2024
2023
Pound Sterling
(15,809)
(66,606)
Euro
(243,808)
(80,006)
USD
(36,101,882)
(35,824,664)
TRY
762,899
744,443
Other currencies
3,429,502
3,217,732
Increase (decrease) in  
proﬁt or loss
Increase (decrease) in  
fair value reserve
5% increase in currency exchange rate
2024
2023
2024
2023
Pound Sterling
(790)
(3,330)
-
-
Euro
(12,190)
(4,000)
-
-
USD
(1,805,094)
(1,791,233)
-
-
TRY
38,145
37,222
-
-
Other currencies
171,475
160,887
-
-
 
 
Open exchange position in other currencies represents Group’s investment in associates and a joint arrangement 
denominated in OMR and AED.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
142
4. FINANCIAL RISK MANAGEMENT (continued)
(d) Market risk (continued)
 
(ii) Exposure to other market risks – non-trading portfolios (continued)
 
 
Equity price risk
 
 
Equity price risk is the risk that the fair value of equities decreases as a result of changes in the equity indices and 
individual stocks The non-trading equity price risk exposure arises from equity securities classiﬁed as fair value through 
other comprehensive income. A 10 per cent increase in the Qatar Exchange market index at 31 December 2024 would 
have increased equity by QAR 1,214 million (2023: QAR 99 million). An equivalent decrease would have resulted in an 
equivalent but opposite impact.
 
 
The Group is also exposed to equity price risk and the sensitivity analysis there of is as follows:
2024
2023
Increase in other comprehensive income:
Qatar Exchange
121,432
21,711
 
 
The above analysis has been prepared on the assumption that all other variables such as interest rate, foreign exchange 
rate, etc. are held constant and is based on historical correlation of the equity securities to the relevant index. Actual 
movement may be diﬀerent from the one stated above and is subject to impairment assessment at the end of each 
reporting period.
(e) Operational risks
 
Operational risk is the risk of direct or indirect loss arising from a wide variety of causes associated with the Group’s 
involvement with ﬁnancial instruments, including processes, personnel, technology and infrastructure, and from external 
factors other than credit, market and liquidity risks such as those arising from legal and regulatory requirements and 
generally accepted standards of corporate behavior.
 
The Group’s objective is to manage operational risk so as to balance the avoidance of ﬁnancial losses and damage to the 
Group’s reputation with overall cost eﬀectiveness and to avoid Control procedures that restrict initiative and creativity.
 
The primary responsibility for the development and implementation of controls to address Operational risk is assigned to 
senior management within each business unit. This responsibility is supported by the development of overall Group 
standards for the management of operational risk in the following areas:
 
• 
requirements for appropriate segregation of duties, including the independent authorization of transactions;
 
• 
requirements for the reconciliation and monitoring of transactions;
 
• 
compliance with regulatory and other legal requirements;
 
• 
documentation of controls and procedures;
 
• 
requirements for the periodic assessment of operational risks faced, and the adequacy of controls and procedures to 
address the risks identiﬁed;
 
• 
requirements for the reporting of operational losses and proposed remedial action;
 
• 
development of contingency plans;
 
• 
training and professional development;
 
• 
ethical and business standards; and
 
• 
risk mitigation, including insurance where this is eﬀective.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
143
4. FINANCIAL RISK MANAGEMENT (continued)
(f) Capital management
 
Regulatory capital
 
The Group’s policy is to maintain a strong capital base so as to ensure investor, creditor and market conﬁdence and to 
sustain future development of the business. The adequacy of the Group’s capital is monitored using, among other measures, 
the rules and ratios established by the Basel Committee on Banking Supervision and adopted by Qatar Central Bank in 
supervising the Group.
 
The primary objectives of the Group’s capital management are to ensure that the Group complies with externally imposed 
capital requirements and that the Group maintains strong credit ratings and healthy capital ratios in order to support its 
business and to maximise shareholders’ value. The Group and its individually regulated operations have complied with all 
externally imposed capital requirements throughout the period. The Capital Adequacy Ratio (CAR) of the group is calculated 
in accordance with the Basel Committee guidelines as adopted by Qatar Central Bank (QCB). From 1st January 2024 QCB 
adopted new Basel III reforms for CAR calculations.
 
The Group’s regulatory capital position under Basel III QCB regulations as at 31 December was as follows:
Basel III
2024
Basel III
2023
Common Equity Tier 1 (CET 1) Capital
16,183,136
12,922,360
Additional Tier 1 Capital
4,449,398
4,141,663
Tier 1 Capital
20,632,534
17,064,023
Tier 2 Capital
1,953,282
1,036,015
Total Eligible Capital
22,585,816
18,100,038
Risk Weighted Assets for Credit Risk
111,209,759 
110,105,151
Risk Weighted Assets for Market Risk
12,175,343
2,274,999
Risk Weighted Assets for Operational Risk
8,268,766
8,894,329
Total Risk Weighted Assets
 131,653,868 
121,274,479
2024
2023
CET 1 Ratio
12.3%
10.6%
Tier 1 Capital Ratio
15.7%
14.1%
Total Capital Ratio
17.2%
14.9%

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
144
4. FINANCIAL RISK MANAGEMENT (continued)
(f) Capital management (continued)
 
Regulatory capital (continued)
 
The minimum requirements for Capital Adequacy Ratio under Basel lll for the Group as per QCB regulations are as follows:
Without 
Capital 
Conservation 
Buﬀer
Capital 
conservation 
buﬀer
Additional 
DSIB 
charge
ICAAP Capital 
Charge
Total
Minimum limit for CET 1 ratio
6.0%
2.5%
0.5%
0.0%
9.0%
Minimum limit for Tier 1 capital ratio
8.0%
2.5%
0.5%
0.0%
11.0%
Minimum limit for Total capital ratio
10.0%
2.5%
0.5%
1.4%
14.4%
5. USE OF ESTIMATES AND JUDGMENTS
(a) Key sources of estimation uncertainty
 
The Group makes estimates and assumptions that aﬀect the reported amounts of assets and liabilities. Estimates and 
judgements are continually evaluated and are based on historical experience and other factors, including expectations of 
future events that are believed to be reasonable under the circumstances.
 
(i) Allowances for credit losses
 
 
Assessment of whether credit risk on the ﬁnancial assets has increased signiﬁcantly since initial recognition and 
incorporation of forward looking information in the measurement of ECL, refer to note 4(b)(viii).
 
(ii) Determing fair values
 
 
The determination of fair value for ﬁnancial assets and liabilities for which there is no observable market price requires 
the use of valuation techniques as described in the accounting policy. For ﬁnancial instruments that trade infrequently 
and have little price transparency, fair value is less objective, and requires varying degrees of judgement depending on 
liquidity, concentration, uncertainty of market factors, pricing assumptions and other risks aﬀecting the speciﬁc 
instrument.
 
 
Where the fair values of ﬁnancial assets and ﬁnancial liabilities cannot be derived from active markets, they are 
determined using a variety of valuation techniques that include the use of mathematical models. The inputs to these 
models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is 
required in establishing fair values. The judgments include considerations of liquidity and model inputs such as 
correlation and volatility for longer dated derivatives.
 
(iii) Useful life of intangible assets
 
 
The Group’s management determines the estimated useful life of its intangible assets for calculating amortization. This 
estimate is determined after considering the expected economic beneﬁts from the use of intangible assets.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
145
5. USE OF ESTIMATES AND JUDGMENTS (continued)
(a) Key sources of estimation uncertainty (continued)
 
(iv) Fair value of land and buildings
 
 
The fair value of land and building is determined by valuations from an external professional real estate valuer using 
recognized valuation techniques and the principles of IFRS 13 “Fair Value Measurement”.
(b) Critical accounting judgements in applying the Group’s accounting policies
 
(i) Valuation of ﬁnancial instruments
 
 
The Group’s accounting policy on fair value measurements is discussed in the signiﬁcant accounting policies section
 
 
The Group measures fair values using the following fair value hierarchy that reﬂects the signiﬁcance of the inputs used 
in making the measurements.
 
 
• 
Level 1: Inputs that are quoted market prices (unadjusted) in active markets for identical instruments.
 
 
• 
Level 2: Inputs other than quoted prices included within Level1 that are observable either directly (i.e.as prices) or 
indirectly (i.e. derived from prices). This category includes instruments valued using: quoted market prices in 
active markets for similar instruments; quoted prices for identical or similar instruments in markets that are 
considered less than active; or other valuation techniques in which all signiﬁcant inputs are directly or indirectly 
observable from market data.
 
 
• 
Level 3: Inputs that are unobservable. This category includes all instruments for which the valuation technique 
includes inputs not based on observable data and the unobservable inputs have a signiﬁcant eﬀect on the 
instrument’s valuation. This category includes instruments that are value based on quoted prices for similar 
instruments for which signiﬁcant unobservable adjustments or assumptions are required to reﬂect diﬀerences 
between the instruments.
 
 
Fair values of ﬁnancial assets and ﬁnancial liabilities that are traded in active markets are based on quoted market prices 
or dealer price quotations. For all other ﬁnancial instruments, the Group determines fair values using valuation 
techniques. Valuation techniques include net present value and discounted cash ﬂow models and comparison to 
similar instruments for which market observable prices exist.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
146
5. USE OF ESTIMATES AND JUDGMENTS (continued)
(b) Critical accounting judgements in applying the Group’s accounting policies (continued)
 
(i) Valuation of ﬁnancial instruments (continued)
 
 
The table below analyses ﬁnancial instruments measured at fair value at the end of the reporting period, by the level in 
the fair value hierarchy into which the fair value measurement is categorised:
Level 1
Level 2
Level 3
Carrying 
amount
2024
Derivative assets
-
498,274
-
498,274
Investment securities
8,545,353
709,638
95,516
9,350,507
8,545,353
1,207,912
95,516
9,848,781
Derivative liabilities
-
976,377
-
976,377
-
976,377
-
976,377
Level 1
Level 2
Level 3
Carrying 
amount
2023
Derivative assets
-
882,633
-
882,633
Investment securities
3,355,033
4,069,445
100,284
7,524,762
3,355,033
4,952,078
100,284
8,407,395
Derivative liabilities
-
699,226
-
699,226
-
699,226
-
699,226
 
 
There have been no transfers between level 1 and level 2
 
 
Reconciliation of level 3 investments are as follows :
2024
2023
Balance at 1 January
100,284
81,628
Cost movement
(4,504)
(443)
Proﬁt and loss movement
(264)
19,099
Balance at 31 December
95,516
100,284
 
(ii) Financial asset and liability classiﬁcation
 
 
Assessment of the business model within which the assets are held and assessment of whether the contractual terms 
of the ﬁnancial asset are solely payments of principal and interest on the principal amount outstanding. Refer to note 3 
(d) (ii) for further information.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
147
5. USE OF ESTIMATES AND JUDGMENTS (continued)
(b) Critical accounting judgements in applying the Group’s accounting policies (continued)
 
(iii) Qualifying hedge relationships
 
 
In designating ﬁnancial instruments in qualifying hedge relationships, the Group has determined that it expects the 
hedges to be highly eﬀective over the period of the hedging relationship.
 
(iv) Impairment of investments in equity and debt securities
 
 
Assessment of whether credit risk on the ﬁnancial asset has increased signiﬁcantly since initial recognition and 
incorporation of forward –looking information in the measurement of ECL. Refer to note 4 (b) (viii) Inputs, assumptions 
and techniques used for estimating impairment of ﬁnancial assets for more information.
 
(v) Goodwill impairment
 
 
Goodwill is tested annually for impairment; assets are grouped together into smallest group of assets that generates 
cash inﬂows from continuing use that is largely independent of the cash inﬂows of other assets or Cash Generating 
Units (CGUs). Goodwill arising from a business combination is allocated to the CGU which is expected to beneﬁt from 
the synergies of the combination.
 
 
The ‘recoverable amount’ of an asset or CGU is the greater of its value in use and its fair value less costs to sell. ‘Value in 
use’ is based on the estimated future cash ﬂows, discounted to their present value using a pre-tax discount rate that 
reﬂects current market assessments of the time value of money and the risks speciﬁc to the asset or CGU.
 
 
An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount.
 
 
Impairment losses are recognized in proﬁt or loss. They are allocated ﬁrst to reduce the carrying amount of any goodwill 
allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis.
 
(iv) Leases - Estimating the incremental borrowing rate
 
 
The Group uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the 
Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an 
asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reﬂects what the 
Group ‘would have to pay’, which requires estimation when no observable rates are available or when they need to be 
adjusted to reﬂect the terms and conditions of the lease. The Group estimates the IBR using observable inputs (such as 
market interest rates).
 
(v) Going concern
 
 
The Group’s management has made an assessment of the Group’s ability to continue as a going concern and is satisﬁed 
that the Group has resources to continue in the business for the foreseeable future. Furthermore, the management is 
not aware of any material uncertainties that may cast signiﬁcant doubt upon the Group’s ability to continue as a going 
concern. Therefore, the ﬁnancial statements continue to be prepared on the going concern basis.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
148
6. OPERATING SEGMENTS
 
The Group organises and manages its operations through four main business segments, as described below, which are the 
Group’s strategic business units. For each strategic business units, the Group management committee reviews internal 
management reports on at least a quarterly basis. The strategic business units oﬀer diﬀerent products and services and are 
managed separately because they require diﬀerent strategies.
 
Qatar operations:
 
1. 
Wholesale Banking provides an extensive range of conventional funded and non-funded credit facilities, demand 
and time deposit services, currency exchange facilities, interest rate swaps and other derivative trading services, loan 
syndication and structured ﬁnancing services to corporate, commercial and multinational customers. Money market 
funds and proprietary investment portfolio are also managed by this operating segment.
 
2. Retail Banking provides personal current, savings, time and investment account services, credit card and debit card 
services, consumer and vehicle loans, residential mortgage services, custodial services to retail and individual 
customers and brokerage services provided by Commercialbank Financial Services L.L.C. wholly owned subsidiary 
operating in Qatar.
 
3. International:
 
 
Alternatif Bank: A subsidiary that provides banking services through its branch network in Turkey. Alternatif bank also 
has its subsidiaries. The Group reported Abank group result under this operating segment.
 
 
Investment in associates includes strategic investments in the National Bank of Oman in the Sultanate of Oman and 
United Arab Bank in the United Arab Emirates.
 
 
All Associates and joint arrangement Companies are accounted for under the equity method.
 
4. Unallocated, Intra - group transactions and others
 
 
Unallocated assets, liabilities and revenues are related to certain central functions and non-core business operations. 
(For example, Group headquarters, common property & equipment, cash functions and net of intra-group 
transactions).
 
 
Management monitors the results of the operating segments separately to make decisions about resource allocation 
and performance assessment. Transfer prices between operating segments are on an arm’s length basis.
 
 
Others include subsidiaries and joint arrangement operating in Qatar.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
149
6. OPERATING SEGMENTS (continued)
(a) By operating segment
 
Segment assets and liabilities comprise operating assets and liabilities which are directly handled by the operating segment 
and income or expenses are attributed with the assets and liabilities’ ownership. The following table summarizes 
performance of the operating segments:
2024
Qatar Operations
Wholesale 
Banking
Retail 
Banking International
Unallocated 
and Intra-
group 
transactions
Total
Net interest income
1,945,437
1,049,514
328,185
(5,911)
3,317,225
Net fee, commission and other income
117,275
763,231
(72,151)
430,463
1,238,818
Segmental revenue
2,062,712
1,812,745
256,034
424,552
4,556,043
Net Impairment losses on investment 
securities
22,146
-
(109)
-
22,037
Net impairment loss on loans and 
advances to customers and other 
ﬁnancial assets
(172,177)
(126,383)
65,467
-
(233,093)
Segmental proﬁt
1,571,139
1,134,967
(85,195)
81,421
2,702,332
Share of results of associates and a joint 
arrangement
-
-
327,325
2,414
329,739
Net proﬁt for the year
1,571,139
1,134,967
242,130
83,835
3,032,071
Other information
Loans and advances to customers
74,310,180
12,497,454
4,672,374
- 91,480,008
Investments in associates and a joint 
arrangement
-
-
3,651,029
8,319
3,659,348
Assets (other than above)
60,091,440
2,280,845
4,134,774
4,166,581 70,673,640
165,812,996
Customer deposits
46,917,434
26,433,381
3,778,348
(122,346)
77,006,817
Liabilities (other than above)
56,726,387
1,271,666
3,144,325
1,175,057
62,317,435
139,324,252
Contingent items
30,392,787
1,673,340
3,534,538
- 35,600,665
 
Intra-group transactions are eliminated from this segmental information (Assets: QAR 4,994 million, Liabilities: QAR 1,765 
million).

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
150
6. OPERATING SEGMENTS (continued)
(a) By operating segment (continued)
2023
Qatar Operations
Wholesale 
Banking Retail Banking
International
Unallocated 
and Intra-
group 
transactions
Total
Net interest income
2,494,069
1,045,346
339,075
(11,149)
3,867,341
Net fee, commission and other income
516,217
666,598
514,167
(74,830)
1,622,152
Segmental revenue
3,010,286
1,711,944
853,242
(85,979)
5,489,493
Net Impairment reversal on investment 
securities
5,846
-
(48)
-
5,798
Net impairment loss on loans and 
advances to customers and other 
ﬁnancial assets
(699,523)
(153,291)
(28,696)
-
(881,510)
Segmental proﬁt
1,847,147
1,041,563
83,612
(256,265)
2,716,057
Share of results of associates and a joint 
arrangement
-
-
292,624
1,546
294,170
Net proﬁt for the year
1,847,147
1,041,563
376,236
(254,719)
3,010,227
Other information
Loans and advances to customers
76,291,644
10,907,075
4,291,691
-
91,490,410
Investments in associates and a joint 
arrangement
-
-
3,365,902
7,405
3,373,307
Assets (other than above)
59,378,428
2,138,462
3,647,291
4,348,373
69,512,554
164,376,271
Customer deposits
48,837,273
24,947,583
2,991,591
(235,219)
76,541,228
Liabilities (other than above)
55,629,557
647,635
3,948,439
3,203,587
63,429,218
139,970,446
Contingent items
28,228,985
981,463
3,034,394
-
32,244,842
 
Intra-group transactions are eliminated from this segmental information (Assets: QAR 3,919 million, Liabilities: QAR 1,119 
million).

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
151
6. OPERATING SEGMENTS (continued)
(b) By geography
Consolidated statement 
of ﬁnancial position
Qatar
Other GCC 
countries
Other 
Middle East
Europe
North 
America
Rest of the 
world
Total
2024
Cash and balances with 
central banks
6,056,104
-
1,250,726
-
-
-
7,306,830
Due from banks
5,578,406
4,316,378
4,300,175
1,634,771
2,265,123
2,610,530 20,705,383
Loans and advances to 
customers
82,955,076
319
7,783,118
668,189
-
73,306 91,480,008
Investment securities
28,060,629 2,024,089
2,314,337
281,563
131,604
416,403 33,228,625
Investment in associates 
and a joint arrangement
8,319
3,651,029
-
-
-
-
3,659,348
Property and equipment 
and all other assets
8,303,447
-
1,129,355
-
-
-
9,432,802
Total assets
130,961,981
9,991,815
16,777,711
2,584,523
2,396,727
3,100,239 165,812,996
Due to banks
1,924,192
2,432,961
6,305,661
5,947,790
3,828 4,225,849 20,840,281
Customer deposits
64,678,569 1,680,089
3,769,874 3,440,862 1,668,868
1,768,555 77,006,817
Debt securities
-
-
37,859 10,697,031
-
- 10,734,890
Other borrowings
2,354,334 8,282,234
431,623 4,648,202
-
9,013,262 24,729,655
Other liabilities
5,716,108
-
296,501
-
-
-
6,012,609
Equity
25,332,288
-
1,156,456
-
-
- 26,488,744
Total liabilities and 
equity
100,005,491 12,395,284
11,997,974 24,733,885
1,672,696 15,007,666 165,812,996

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
152
6. OPERATING SEGMENTS (continued)
(b) By geography (continued)
Consolidated statement 
of income
Qatar
Other GCC 
countries
Other 
Middle East
Europe
North 
America
Rest of the 
world
Total
Year ended  
31 December 2024
Net interest income
3,936,864
(316,479)
771,829
(674,714)
(59,189)
(341,086)
3,317,225
Net fee, commission and 
other income
1,098,104
125,974
10,042
2,473
439
1,786
1,238,818
Net operating income
5,034,968 (190,505)
781,871
(672,241)
(58,750) (339,300) 4,556,043
Staﬀ cost
(492,353)
-
(140,854)
-
-
-
(633,207)
Depreciation
(209,862)
-
(11,717)
-
-
-
(221,579)
Amortization of intangible 
assets
(26,990)
-
(24,457)
-
-
-
(51,447)
Impairment loss on 
investment securities
22,146
-
(109)
-
-
-
22,037
Net impairment loss on 
loans and advances to 
customers
(394,076)
-
63,705
-
-
-
(330,371)
Net impairment losses on 
other ﬁnancial assets
95,516
-
1,762
-
-
-
97,278
Other Provision
(253,071)
-
(3,037)
-
-
-
(256,108)
Other expenses
(251,089)
-
(115,871)
-
-
- (366,960)
Proﬁt before net monetary 
loss and share of results of 
associates and a joint 
arrangement
3,525,189 (190,505)
551,293
(672,241)
(58,750) (339,300) 2,815,686
Net monetary losses due 
to hyperinﬂation
-
-
(131,761)
-
-
-
(131,761)
Share of results of 
associates and a joint 
arrangement
2,414
327,325
-
-
-
-
329,739
Proﬁt for the year 
before tax
3,527,603
136,820
419,532
(672,241)
(58,750) (339,300) 3,013,664
Income tax expenses
(2,703)
-
21,110
-
-
-
18,407
Net proﬁt for the year
3,524,900
136,820
440,642
(672,241)
(58,750) (339,300) 3,032,071

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
153
6. OPERATING SEGMENTS (continued)
(b) By geography (continued)
Consolidated statement 
of ﬁnancial position
Qatar
Other GCC 
countries
Other Middle 
East
Europe
North 
America
Rest of the 
world
Total
2023
Cash and balances with 
central banks
7,408,865
-
1,222,328
-
-
-
8,631,193
Due from banks
6,735,353
2,311,567
4,045,944
2,528,696
2,575,155
2,328,619
20,525,334
Loans and advances to 
customers
82,161,078
822,411
7,260,658
729,507
-
516,756
91,490,410
Investment securities
25,442,815
1,889,439
2,493,898
413,437
202,143
320,626
30,762,358
Investment in associates 
and a joint arrangement
7,405
3,365,902
-
-
-
-
3,373,307
Property and equipment 
and all other assets
8,786,696
-
806,973
-
-
-
9,593,669
Total assets
130,542,212
8,389,319
15,829,801
3,671,640
2,777,298
3,166,001
164,376,271
Due to banks
912,428
2,611,578
3,864,725
9,126,164
471,214
1,819,148
18,805,257
Customer deposits
65,691,848
2,834,043
3,034,339
1,557,162
193,227
3,230,609
76,541,228
Debt securities
-
-
774,704
7,124,696
-
-
7,899,400
Other borrowings
3,423,024
8,389,268
432,481
4,921,390
579,049
8,521,676 26,266,888
Other liabilities
10,014,067
-
443,606
-
-
-
10,457,673
Equity
23,406,876
-
998,949
-
-
-
24,405,825
Total liabilities and equity
103,448,243 13,834,889
9,548,804
22,729,412
1,243,490
13,571,433
164,376,271

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
154
6. OPERATING SEGMENTS (continued)
(b) By geography (continued)
Consolidated statement 
of income
Qatar
Other GCC 
countries
Other Middle 
East
Europe
North 
America
Rest of the 
world
Total
Year ended 31 December 
2023
Net interest income
4,666,925
(347,609)
529,993
(670,740)
(37,981)
(273,247)
3,867,341
Net fee, commission and 
other income
905,682
75,243
542,822
53,096
5,021
40,288
1,622,152
Net operating income
5,572,607
(272,366)
1,072,815
(617,644)
(32,960)
(232,959) 5,489,493
Staﬀ cost
(613,377)
-
(158,004)
-
-
-
(771,381)
Depreciation
(221,770)
-
(15,364)
-
-
-
(237,134)
Amortization of intangible 
assets
(46,268)
-
(20,287)
-
-
-
(66,555)
Impairment loss on 
investment securities
5,846
-
(48)
-
-
-
5,798
Net impairment loss on 
loans and advances to 
customers
(963,931)
-
(26,780)
-
-
-
(990,711)
Net impairment losses on 
other ﬁnancial assets
111,117
-
(1,916)
-
-
-
109,201
Other Provision
(39,405)
-
(2,274)
-
-
-
(41,679)
Other expenses
(233,333)
-
(132,300)
-
-
(121)
(365,754)
Proﬁt before share of 
results of associates and a 
joint arrangement
3,571,486
(272,366)
715,842
(617,644)
(32,960) (233,080)
3,131,278
Net monetary losses due 
to hyperinﬂation
-
-
(334,983)
-
-
-
(334,983)
Share of results of 
associates and a joint 
arrangement
1,546
292,624
-
-
-
-
294,170
Proﬁt for the year before 
tax
3,573,032
20,258
380,859
(617,644)
(32,960) (233,080) 3,090,465
Income tax expenses
(2,559)
-
(77,679)
-
-
-
(80,238)
Net proﬁt for the year
3,570,473
20,258
303,180
(617,644)
(32,960) (233,080)
3,010,227

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
155
7. FINANCIAL ASSETS AND LIABILITIES
 
Accounting classiﬁcations and fair values
 
The table below sets out the carrying amounts and fair values of the Group’s ﬁnancial assets and ﬁnancial liabilities:
Consolidated statement 
of ﬁnancial position
Fair value through  
Proﬁt or loss
Fair value through other 
comprehensive income
2024
Debt 
instruments
Equity 
instruments
Debt 
instruments
Equity 
instruments
Amortised 
Cost
Total 
carrying 
amount
Cash and balances with 
central banks
-
-
-
-
7,306,830
7,306,830
Due from banks
-
-
-
-
20,705,383
20,705,383
Loans and advances to 
customers
-
-
-
-
91,480,008
91,480,008
Investment securities
1,767,351
105,003
6,347,872
1,219,522
23,788,877
33,228,625
1,767,351
105,003
6,347,872
1,219,522 143,281,098 152,720,846
Due to banks
-
-
-
-
20,840,281
20,840,281
Customer deposits
-
-
-
-
77,006,817
77,006,817
Debt securities
-
-
-
-
10,734,890
10,734,890
Other borrowings
-
-
-
-
24,729,655
24,729,655
-
-
-
-
133,311,643
133,311,643

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
156
7. FINANCIAL ASSETS AND LIABILITIES (continued)
 
Accounting classiﬁcations and fair values (continued)
 
The table below sets out the carrying amounts and fair values of the Group’s ﬁnancial assets and ﬁnancial liabilities:
Consolidated statement 
of ﬁnancial position
Fair value through  
Proﬁt & loss
Fair value through other 
comprehensive income
2023
Debt 
instruments
Equity 
instruments
Debt 
instruments
Equity 
instruments
Amortised 
Cost
Total carrying 
amount
Cash and balances with 
central banks
-
-
-
-
8,631,193
8,631,193
Due from banks
-
-
-
-
20,525,334
20,525,334
Loans and advances to 
customers
-
-
-
-
91,490,410
91,490,410
Investment securities:
1,920,381
113,236
4,555,187
995,019
23,178,535
30,762,358
1,920,381
113,236
4,555,187
995,019
143,825,472
151,409,295
Due to banks
-
-
-
-
18,805,257
18,805,257
Customer deposits
-
-
-
-
76,541,228
76,541,228
Debt securities
-
-
-
-
7,899,400
7,899,400
Other borrowings
-
-
-
-
26,266,888
26,266,888
-
-
-
-
129,512,773
129,512,773
 
Management considers that the carrying amounts of Group’s ﬁnancial assets and liabilities do not materially diﬀer from their 
fair values as at the year-end.
8. CASH AND BALANCES WITH CENTRAL BANKS
2024
2023
Cash
1,334,769
1,336,061
Cash reserve with central banks *
4,744,820
4,630,159
Other balances with central banks
1,227,223
2,664,953
7,306,812
8,631,173
Accrued interest
18
20
7,306,830
8,631,193
 
* The cash reserve with central banks is a mandatory reserve and is not available for use in the Group’s day to day operations.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
157
9. DUE FROM BANKS
2024
2023
Current accounts
3,957,582
4,537,748
Placements
9,509,231
10,002,791
Loans to banks
7,251,436
6,035,289
20,718,249
20,575,828
Accrued interest
35,442
11,987
Allowance for impairment of due from bank
(48,308)
(62,481)
20,705,383
20,525,334
10. LOANS AND ADVANCES TO CUSTOMERS
(a) By type
2024
2023
Loans
86,168,526
84,769,585
Overdrafts
8,590,469
6,628,593
Bills discounted
101,010
111,491
Bankers acceptances
606,015
5,099,788
95,466,020
96,609,457
Deferred proﬁt
(1,853)
(2,424)
95,464,167
96,607,033
Accrued interest
845,509
824,135
Allowance for impairment of loans and advances to customers - Stage 3**
(3,102,389)
(3,977,594)
ECL on loans and advances to customers - Stage 1 and 2
(1,727,279)
(1,963,164)
Net loans and advances to customers*
91,480,008
91,490,410
 
*The aggregate amount of non-performing loans and advances to customers amounted QAR 5,877 million which represents 
6.2% of total loans and advances to customers (2023: QAR 5,652 million 5.9% of total loans and advances to customers).
 
**Allowance for impairment of loans and advances to customers includes QAR 777 million of interest in suspense (2023: 
QAR 557 million).

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
158
10. LOANS AND ADVANCES TO CUSTOMERS (continued)
(b) By sector
2024
Loans
Overdrafts
Bills 
discounted
Bankers 
acceptances
Total
Government and related agencies
10,885,873
5,576,628
-
-
16,462,501
Non-banking ﬁnancial institutions
302,243
23,851
-
-
326,094
Industry
6,252,446
27,700
-
37,937
6,318,083
Commercial
14,670,384
246,781
29,048
275,478
15,221,691
Services
21,689,383
655,545
9,183
69,521
22,423,632
Contracting
1,592,101
204,753
62,779
215,891
2,075,524
Real estate
21,239,480
79,904
-
-
21,319,384
Personal
8,450,382
1,766,835
-
-
10,217,217
Others
1,086,234
8,472
-
7,188
1,101,894
86,168,526
8,590,469
101,010
606,015
95,466,020
Accrued interest
845,509
Less: Deferred proﬁt
(1,853)
Allowance for impairment of loans and advances to customers
(3,102,389)
ECL on loans and advances to customers
(1,727,279)
(3,986,012)
Net loans and advances to customers
91,480,008
2023
Loans
Overdrafts
Bills 
discounted
Bankers 
acceptances
Total
Government and related agencies
11,539,444
3,060,038
-
-
14,599,482
Non-banking ﬁnancial institutions
559,386
36,662
-
-
596,048
Industry
6,992,252
19,039
-
8,445
7,019,736
Commercial
13,689,966
417,620
13,681
1,973,814
16,095,081
Services
21,487,421
925,977
19,332
2,677,662
25,110,392
Contracting
2,375,255
493,050
78,478
407,934
3,354,717
Real estate
19,969,130
103,764
-
-
20,072,894
Personal
7,461,824
1,555,976
-
-
9,017,800
Others
694,908
16,466
-
31,933
743,307
84,769,586
6,628,592
111,491
5,099,788
96,609,457
Accrued interest
824,135
Less: Deferred proﬁt
(2,424)
Allowance for impairment of loans and advances to customers
(3,977,594)
ECL on loans and advances to customers
(1,963,164)
(5,119,047)
Net loans and advances to customers
91,490,410

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
159
10. LOANS AND ADVANCES TO CUSTOMERS (continued)
(c) Movement in allowance for impairment of loans and advances to customers
2024
2023
Balance at 1 January
5,940,758
5,666,791
Allowance made during the year
1,331,157
1,494,909
Recoveries / reversals during the year
(206,391)
(287,476)
Net allowance for impairment during the year*
1,124,766
1,207,433
Written oﬀ / transferred during the year
(2,258,811)
(875,604)
Exchange diﬀerences
22,955
(57,862)
Balance at 31 December
4,829,668
5,940,758
 
*This includes net interest suspended during the year QAR 449 million (2023: QAR 185 million) as per QCB regulations.
 
Net impairment losses on loans and advances to customers
2024
2023
Gross allowance made during the year
1,331,157
1,494,909
Less: Recoveries / reversals during the year
(206,391)
(287,476)
1,124,766
1,207,433
Less: Interest suspended during the year
(449,060)
(185,140)
Less: Recoveries on previously written oﬀ loans
(345,335)
(31,582)
330,371
990,711
11. INVESTMENT SECURITIES
2024
2023
Fair value through other comprehensive income (FVOCI)
7,476,589
5,511,025
Fair value through proﬁt & loss (FVTPL)
1,873,918
2,013,737
Amortised cost (AC)
23,428,254
22,855,872
32,778,761
30,380,634
Accrued interest
449,864
381,724
33,228,625
30,762,358
 
The carrying value of investment securities pledged under repurchase agreements (REPO) is QAR 5,685 million (2023: 
QAR 9,765 million).
 
Expected credit loss of QAR 21.3 million (2023: QAR 8.7 million), pertaining to FVOCI debt securities is part of fair value 
reserve in equity.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
160
11. INVESTMENT SECURITIES (continued)
(a) Fair value through other comprehensive income
2024
Quoted
Unquoted
Total
Equities
1,214,323
5,199
1,219,522
State of Qatar debt securities
3,120,782
-
3,120,782
Debt and other securities*
3,136,285
-
3,136,285
Total
7,471,390
5,199
7,476,589
2023
Quoted
Unquoted
Total
Equities
989,820
5,199
995,019
State of Qatar debt securities
2,809,396
-
2,809,396
Debt and other securities*
1,706,610
-
1,706,610
Total
5,505,826
5,199
5,511,025
 
* Fixed rate securities and ﬂoating rate securities amounted to QAR 4,387 million and QAR 1,870 million respectively (2023: 
QAR 2,552 million and QAR 1,964 million respectively).
(b) Fair value through proﬁt & loss
2024
Quoted
Unquoted
Total
Equities
-
85,387
85,387
State of Qatar debt securities
-
-
-
Debt and other securities
1,185,184
583,730
1,768,914
Investment funds
10,228
9,389
19,617
Total
1,195,412
678,506
1,873,918
2023
Quoted
Unquoted
Total
Equities
-
88,565
88,565
State of Qatar debt securities
50,000
-
50,000
Debt and other securities
1,304,422
546,079
1,850,501
Investment funds
9,793
14,878
24,671
Total
1,364,215
649,522
2,013,737

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
161
11. INVESTMENT SECURITIES (continued)
(c) Amortised Cost
2024
By Issuer
Quoted
Unquoted
Total
State of Qatar debt securities
20,990,560
-
20,990,560
Debt and other securities
2,362,858
74,836
2,437,694
Total
23,353,418
74,836
23,428,254
2024
By Interest Rate
Quoted
Unquoted
Total
Fixed Rate Securities
23,286,332
74,836
23,361,168
Floating Rate Securities
67,086
-
67,086
Total
23,353,418
74,836
23,428,254
2023
By Issuer
Quoted
Unquoted
Total
State of Qatar debt securities
19,307,097
-
19,307,097
Debt and other securities
3,538,273
10,502
3,548,775
Total
22,845,370
10,502
22,855,872
2023
By Interest Rate
Quoted
Unquoted
Total
Fixed Rate Securities
22,786,827
10,502
22,797,329
Floating Rate Securities
58,543
-
58,543
Total
22,845,370
10,502
22,855,872

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
162
12. INVESTMENT IN ASSOCIATES AND A JOINT ARRANGEMENT
 
The Group’s investment in associates and a joint arrangement are as follows:
Ownership %
Price per share 
(QAR)
Name of the Entity
Classiﬁcation
Country
Activities
2024
2023
National Bank of Oman 
SAOG (‘NBO’)
Associate
Oman
Banking
34.9%
34.9%
2.80
United Arab Bank PJSC 
(‘UAB’)
Associate
UAE
Banking
40.0%
40.0%
1.36
Massoun Insurance 
Services L.L.C
Joint venture
Qatar
Insurance 
brokerage
50.0%
50.0%
Not Listed
2024
2023
Total assets
70,822,348
63,066,681
Total liabilities
61,035,900
54,419,279
Operating income
2,030,763
1,950,001
Net proﬁt
894,313
801,496
Total comprehensive income
901,959
849,735
Share of results
327,325
292,264

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
163
13. PROPERTY AND EQUIPMENT
Land and 
buildings
Right of 
use assets
Leasehold 
improvements
Furniture 
and 
equipment
Motor 
vehicles
Capital 
work in 
progress
Total
Cost
Balance at 1 January 2023
2,168,264
578,870
108,667
1,486,757
32,209
525,877 4,900,644
Additions / transfers
(9,675)
63,074
2,225
125,486
33,508
32,483
247,101
Revaluation on land & buildings
37,235
-
-
-
-
-
37,235
Disposals
(204)
(34,943)
(1,157)
(2,605)
(3,747)
-
(42,656)
Exchange diﬀerences
(6,113)
(1,029)
4,050
(2,475)
(5,774)
-
(11,341)
Balance at 31 December 2023
2,189,507
605,972
113,785
1,607,163
56,196
558,360 5,130,983
Balance at 1 January 2024
2,189,507
605,972
113,785
1,607,163
56,196
558,360 5,130,983
Additions / transfers
248,946
13,370
2,265
109,199
2,451
(237,418)
138,813
Revaluation on land & buildings
114,640
-
-
-
-
-
114,640
Disposals
-
(4,641)
(814)
(957)
(2,665)
-
(9,077)
Exchange diﬀerences
(88,644)
(396)
16,049
32,778
79,076
-
38,863
Balance at 31 December 2024 2,464,449
614,305
131,285
1,748,183
135,058
320,942
5,414,222
Accumulated depreciation
Balance at 1 January 2023
204,094
233,438
92,230
1,315,837
4,685
- 1,850,284
Depreciation for the year
28,185
115,371
2,565
84,429
6,584
-
237,134
Disposals
-
(9,193)
(1,008)
(2,260)
(998)
-
(13,459)
Exchange diﬀerences
(5,952)
(2,722)
547
5,454
(3,102)
-
(5,775)
Balance at 31 December 2023
226,327
336,894
94,334 1,403,460
7,169
- 2,068,184
Balance at 1 January 2024
226,327
336,894
94,334 1,403,460
7,169
- 2,068,184
Depreciation for the year
31,855
94,035
2,375
86,643
6,671
-
221,579
Disposals
-
(1,721)
(709)
(716)
(701)
-
(3,847)
Impairment loss for the year
-
55,668
-
-
-
-
55,668
Exchange diﬀerences
(539)
(622)
(1,379)
(4,440)
(5,402)
-
(12,382)
Balance at 31 December 2024
257,643
484,254
94,621 1,484,947
7,737
- 2,329,202
Net carrying amounts
Balance at 31 December 2023
1,963,180
269,078
19,451
203,703
49,027
558,360 3,062,799
Balance at 31 December 2024 2,206,806
130,051
36,664
263,236
127,321
320,942 3,085,020
Right of use asset pertains to the following:
2024
2023
Land and buildings
130,051
269,078

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
164
14. INTANGIBLE ASSETS
Goodwill
Brand
Customer 
relationship
Core 
deposit
Internally 
developed 
software
Total
Cost
Balance at 1 January 2023
10,005
35,167
341,708
78,898
62,445
528,223
Acquisitions
-
-
-
-
24,266
24,266
Impairment during the year (Note 32)
(5,104)
-
-
-
(39)
(5,143)
Exchange diﬀerences
(2,367)
(2,072)
29,227
4,333
(8,967)
20,154
Balance at 31 December 2023
2,534
33,095
370,935
83,231
77,705
567,500
Balance at 1 January 2024
2,534
33,095
370,935
83,231
77,705
567,500
Acquisitions
-
-
-
-
63,819
63,819
Impairment during the year (Note 32)
-
-
-
-
(28)
(28)
Exchange diﬀerences
(422)
2,456
-
-
(4,408)
(2,374)
Balance at 31 December 2024
2,112
35,551
370,935
83,231
137,088
628,917
Amortisation
Balance at 1 January 2023
-
21,316
334,042
74,908
31,917
462,183
Amortisation during the year
-
3,663
36,893
8,323
17,676
66,555
Exchange diﬀerences
-
(4,781)
-
-
(18,867)
(23,648)
Balance at 31 December 2023
-
20,198
370,935
83,231
30,726
505,090
Balance at 1 January 2024
-
20,198
370,935
83,231
30,726
505,090
Amortisation during the year
-
3,634
-
-
47,813
51,447
Exchange diﬀerences
-
(1,874)
-
-
(14,263)
(16,137)
Balance at 31 December 2024
-
21,958
370,935
83,231
64,276 540,400
Net carrying amounts
Balance at 31 December 2023
2,534
12,897
-
-
46,979
62,410
Balance at 31 December 2024
2,112
13,593
-
-
72,812
88,517
 
Impairment testing for CGU containing goodwill
 
The Group performed its annual impairment test in accordance with its accounting policy and performed a sensitivity 
analysis of the underlying assumptions used in the value-in-use calculations. The recoverable amounts of cash-generating 
units were higher than the carrying amounts.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
165
15. OTHER ASSETS
2024
2023
Accrued income
7,310
6,414
Prepaid expenses
89,931
75,224
Accounts receivable
1,141,655
1,014,763
Repossessed collateral (a)
3,767,293
3,920,983
Positive fair value of derivatives (note 37)
498,274
882,633
Clearing cheques
274,115
163,512
Deferred tax assets (note 33)
96,265
34,524
Others
384,422
370,407
6,259,265
6,468,460
 
(a) This represents the value of the properties acquired in settlement of debts including impairment.
16. DUE TO BANKS
2024
2023
Balances due to central banks
894,568
1,217,258
Current accounts
217,429
363,091
Placement with banks
14,731,759
8,420,005
Repurchase agreements with banks
4,759,249
8,720,837
Accrued interest
237,276
84,066
Total
20,840,281
18,805,257

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
166
17. CUSTOMER DEPOSITS
2024
2023
Current and call deposits
25,744,025
21,437,537
Saving deposits
5,685,232
5,470,069
Time deposits
44,937,332
48,961,806
Accrued interest
640,228
671,816
Total
77,006,817
76,541,228
2024
2023
Government
7,976,858
7,112,801
Government and semi government agencies
15,982,195
16,953,418
Individuals
23,895,868
21,570,904
Corporate
21,767,687
21,794,349
Non-banking ﬁnancial institutions
6,743,981
8,437,940
76,366,589
75,869,412
Accrued interest
640,228
671,816
77,006,817
76,541,228
18. DEBT SECURITIES
2024
2023
EMTN unsecured Programme – Senior unsecured notes *
9,243,192
6,902,490
Senior Notes*
30,879
48,176
Subordinated Notes *
-
726,577
Others#
1,364,905
172,006
Accrued interest
95,914
50,151
Total
10,734,890
7,899,400
 
* The following table provides the breakdown of the Debt Securities as at close of 31 December 2024.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
167
18. DEBT SECURITIES (continued)
Instrument
Issuer
Issued amount
Issued on Maturity
Coupon
EMTN - Senior Notes
CBQ Finance Ltd
USD 10 million *
Feb-20
Feb-25
SOFR + 1.24%
CBQ Finance Ltd
HKD 660 million *
Aug-20
Aug-25
Fixed Rate 2.06%
CBQ Finance Ltd
USD 500 million *
Sep-20
Sep-25
Fixed Rate 2%
CBQ Finance Ltd
USD 700 million *
May-21
May-26
Fixed Rate 2%
CBQ Finance Ltd
NZD 36 million *
Aug-21
Aug-31
BKBM + 1.38%
CBQ Finance Ltd
NZD 32 million *
Sep-21
Sep-31
BKBM + 1.36%
CBQ Finance Ltd
QAR 429 million *
Mar-23
Mar-26
Fixed Rate 5.85%
CBQ Finance Ltd
CNY 710 million *
Mar-24
Mar-29
Fixed Rate 3.54%
CBQ Finance Ltd
USD 750 million *
Mar-24
Mar-29
Fixed Rate 5.38%
CBQ Finance Ltd
CHF 225 million *
Oct-24
Oct-27
Fixed Rate 1.72%
Senior Notes
Alternatifbank
TL 300 million
Aug-24
Aug-26
Fixed Rate 42.5%
 
* Issued for and Guaranteed by the Bank
 
# Others include certiﬁcate of deposits issued by the Bank.
 
Movement in debt securities are analysed as follows:
2024
2023
Balance at 1 January
7,899,400
10,714,316
Additions
5,364,990
662,601
Repayments
(2,471,279)
(3,569,450)
Amortization of discount and transaction cost
3,153
6,186
Accrued interest
48,126
54,211
Exchange diﬀerence
(109,500)
31,536
Balance at 31 December
10,734,890
7,899,400
 
The table below shows the maturity proﬁle of debt securities:
2024
2023
Up to 1 year
3,607,795
1,885,449
Between 1 and 3 years
3,004,362
2,159,982
Over 3 years
4,122,733
3,853,969
Total
10,734,890
7,899,400

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
168
19. OTHER BORROWINGS
2024
2023
Bilateral loans
11,159,510
7,440,611
Syndicated loans
9,970,404
12,695,688
Others
3,401,472
5,694,667
Accrued interest
198,269
435,922
Total
24,729,655
26,266,888
 
Movements in other borrowings are as follows:
2024
2023
Balance at 1 January
26,266,888
17,106,327
Additions
9,317,130
15,324,265
Repayments
(9,812,520)
(5,391,521)
Amortization of discount and transaction cost
44,761
102,494
Accrued interest
(237,652)
164,102
Exchange diﬀerence
(848,952)
(1,038,779)
Balance at 31 December
24,729,655
26,266,888
 
The table below shows the maturity proﬁle of other borrowings:
2024
2023
Up to 1 year
3,819,580
8,509,196
Between 1 and 3 years
11,017,973
4,376,702
Over 3 years
9,892,102
13,380,990
Total
24,729,655
26,266,888

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
169
20. OTHER LIABILITIES
2024
2023
Accrued expense payable
399,465
389,217
Other provisions (Note i)
184,705
179,774
Negative fair value of derivatives (Note 37)
976,377
699,226
Unearned income
231,350
177,918
Cash margins
617,294
616,660
Accounts payable
358,938
803,411
Board of Directors’ remuneration (Note 39)
25,500
25,500
Provision for sports and social support fund (Note 23)
75,802
75,256
Dividend payable
15,741
21,458
Managers’ cheque and payment order
71,271
52,087
Unclaimed balances
24,499
24,150
Due for trade acceptances
606,014
5,099,788
Lease liabilities (Note ii)
147,043
263,419
Employees’ beneﬁt liability (Note 31 and Note iii)
31,816
101,097
Income tax payable
21,179
14,119
Others
2,101,974
1,709,754
Net impairment losses on loan commitments and ﬁnancial guarantees
123,641
204,839
Total
6,012,609
10,457,673
(i) Other provisions
Provident 
fund (a)
Pension 
fund (b)
Total
 2024
Total 
2023
Balance at 1 January
178,591
1,183
179,774
177,417
Provision made during the year (note 31)
13,715
16,066
29,781
34,895
Earnings of the fund
1,816
4,399
6,215
4,647
Provident fund – staﬀ contribution
5,608
387
5,995
9,885
Transferred to state retirement fund authority
(5,608)
(12,105)
(17,713)
(18,157)
Payment during the year
(9,349)
(9,740)
(19,089)
(22,726)
Exchange diﬀerence
(258)
-
(258)
(6,187)
Balance at 31 December
184,515
190
184,705
179,774
 
(a) The provident fund includes the Group’s obligations for end of service beneﬁts to employees in accordance with the 
applicable regulations and the employment contracts.
 
(b) Pension fund contributions in respect of the national staﬀ are paid to the State administered retirement fund at the end 
of each month. The Group has no further payment obligations once the contributions have been paid. The contributions 
are recognized when they are due.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
170
20. OTHER LIABILITIES (continued)
(ii) Lease liabilities
 
The table below shows the maturity proﬁle of lease liabilities:
2024
2023
Up to 1 year
122,273
134,834
Above 1 year
24,770
128,585
Total
147,043
263,419
(iii) Employees’ beneﬁt liability
 
The Bank has granted share appreciation rights to employees including senior management, in lieu of deferred bonus as 
approved by the BRNGC. Share appreciation rights represent a contingent right to receive a cash payment by referencing to 
the value of Bank shares during a speciﬁed period of time. These share appreciation rights do not provide any entitlement 
to receive Bank shares, voting rights or dividends associated with them. The fair value was estimated using the Black Scholes 
model, considering the terms and conditions upon which the performance rights were granted. Share appreciation rights 
will be settled in cash.
 
 
a. The following table summarises information about share appreciation rights outstanding as at 31 December 2024:
Year
Outstanding
2018
11,691,117
2020
89,414,769
2021
25,908,207
2022
11,257,498
 
b. Movement during the year as follows:
2024
2023
Number of 
options
Weighted 
average strike 
price
Number of 
options
Weighted 
average strike 
price
At 1 January
142,454,874
5.69
201,958,907
5.38
Granted during the year
-
0.00
30,474,582
5.67
Exercised during the year
-
0.00
(35,426,306)
3.60
Forfeited/cancelled/expired during the year
(4,183,283)
6.06
(54,552,309)
6.06
At 31 December
138,271,591
5.47
142,454,874
5.69

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
171
20. OTHER LIABILITIES (continued)
(iii) Employees’ beneﬁt liability (continued)
 
b. Movement during the year as follows: (continued)
2024
2023
Max
Min
Max
Min
Expected volatility (%)
21.08%
21.08%
28.14%
23.69%
Dividend yield (%)
7.15%
6.57%
5.08%
4.69%
Risk - free int. rate (%)
4.21%
4.18%
5.98%
5.89%
Vesting period
3 years
3 years
Share price (QAR)
4.3
6.2
21. EQUITY
(a) Share capital
 
The issued, subscribed and paid up share capital of the Bank is QAR 4,047,253,750 (2023: QAR 4,047,253,750) divided into 
4,047,253,750 (2023: 4,047,253,750) ordinary shares of QAR 1 each (2023: QAR 1 each).
2024
2023
Authorized number of ordinary shares
4,047,253,750 4,047,253,750
Nominal value of ordinary shares (QAR)
1
1
Issued and paid up capital (in thousands of Qatar Riyals)
4,047,254
4,047,254
 
At 31 December 2024, the authorized share capital comprised 4,047,254 thousand ordinary share (2023: 4,047,254 
thousand).
 
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote 
per share at shareholders’ Annual/Extra-ordinary General meeting of the Bank.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
172
21. EQUITY (continued)
(b) Legal reserve
 
The legal reserve of Commercial Bank and Alternatifbank are QAR 9,763 million (2023: QAR 9,777 million) and QAR 427 
million (2023: QAR 247 million) respectively.
 
In accordance with Qatar Central Bank Law No 13 of 2012, 10% of the net proﬁt of the Group for the year is required to be 
transferred to legal reserve. Share premium collected from the issuance of new shares and sale of treasury shares is also 
transferred to legal reserve. Transfer to legal reserve from net proﬁt is mandatory until the legal reserve equals 100% of the 
paid up capital. This reserve is not available for distribution except in circumstances speciﬁed in Qatar Commercial 
Companies Law No 11 of 2015 and is subject to pre-approval from QCB.
 
In accordance with the Turkish Commercial code, an entity is required to transfer 5% of net proﬁt until the legal reserve is 
equal to 20% of issued and fully paid up share capital. Rate for transfer to legal reserve goes up to 10% of net proﬁt allocated 
for distribution excluding the ﬁrst 5% of the allocated proﬁt. Share premium and proceeds from cancelled shares, if any net 
of related expenses are also transferred to legal reserve.
(c) General reserve
 
As per the Bank’s Articles of Association, the general reserve may only be used in accordance with a resolution from the 
General Assembly upon the Board of Directors recommendation and after obtaining Qatar Central Bank approval.
(d) Risk reserve
 
In accordance with QCB regulations, a risk reserve should be maintained created to cover contingencies on both the public 
and private sector ﬁnancing assets, with a minimum requirement of 2.50% of the total loans and advances of the Group 
inside and outside Qatar after the exclusion of the credit impairment losses and interest in suspense. The ﬁnance provided 
to/or secured by the Ministry of Finance or ﬁnance against cash guarantees is excluded from the gross direct ﬁnance. 
During the year QAR Nil (2023: QAR Nil ) was transferred to the risk reserve account.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
173
21. EQUITY (continued)
(e) Fair value reserve
 
The fair value reserve arises from the revaluation of the investment securities through FVOCI, cash ﬂow hedges and change 
of post acquisition fair value reserve of its associates and a joint arrangement.
Fair value reserve
Fair value 
Through Other 
Comprehensive 
Income
Associates
Total
Balance as at 1 January 2024
(357,444)
(32,929)
(390,373)
- on equity securities
4,963
-
4,963
- on debt securities
(175,842)
-
(175,842)
Net amount transferred to consolidated statement of income
(132)
-
(132)
Share of other comprehensive income of investment in 
associates and a joint arrangement
-
3,394
3,394
Net movement during the year
(171,011)
3,394
(167,617)
Transfer to retained earnings upon disposal of FVOCI equity 
investments
-
-
-
Balance as at 31 December 2024
(528,455)
(29,535)
(557,990)
Balance as at 1 January 2023
(203,542)
(51,505)
(255,047)
- on equity securities
(153,524)
-
(153,524)
- on debt securities
(27,466)
-
(27,466)
Net amount transferred to consolidated statement of income
(1,381)
-
(1,381)
Share of other comprehensive income of investment in 
associates and a joint arrangement
-
18,576
18,576
Net movement during the year
(182,371)
18,576
(163,795)
Transfer to retained earnings upon disposal of FVOCI equity 
investments
28,469
-
28,469
Balance as at 31 December 2023
(357,444)
(32,929)
(390,373)

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
174
21. EQUITY (continued)
(f) Cash ﬂow hedge reserve
 
Cash ﬂow hedge reserve, which comprises the portion of the gain or loss on a hedging instrument in a cash ﬂow hedge that 
is determined to be an eﬀective hedge.
2024
2023
Balance as at 1 January
(163,970)
(111,988)
Transfer to consolidated statement of income
37,140
205,786
Net movement in eﬀective portion of Cash Flow hedges
120,703
(257,768)
Net movement during the year
157,843
(51,982)
Balance as at 31 December
(6,127)
(163,970)
(g) Foreign currency translation reserve
 
The translation reserve comprises all foreign exchange diﬀerences arising from the translation of the ﬁnancial statements of 
foreign operations.
(h) Other reserves
 
This includes the Group’s share of proﬁt from investment in associates and a joint arrangement and non-distributable proﬁt 
of subsidiaries, net of cash dividend received, as required by QCB regulations as follows:
2024
2023
Balance as at 1 January
1,137,954
884,977
Share of result of associates and a joint arrangement
329,739
294,170
Dividend from associates and a joint arrangement
(47,093)
(41,193)
Net movement
282,646
252,977
Balance as at 31 December
1,420,600
1,137,954
(i) Proposed dividend
 
The Board of Directors has proposed a cash dividend of 30% for the year 2024 (2023: 25% cash dividend). This proposal 
is subject to approval at the Annual General Assembly.
(j) Dividends
 
A cash dividend of 25% for the year 2023 (2022: 25% cash dividend), was approved at the Annual General Assembly held 
on 1 April 2024 and distributed to shareholders.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
175
21. EQUITY (continued)
(k) Revaluation reserve
 
This represents the surplus on revaluation of land and buildings that are used in Group’s operations and is not available for 
distribution until the related assets have been disposed oﬀ or used.
(l) Employee incentive phantom scheme shares
 
Employee incentive phantom scheme shares represents the shares held by SPVs. These entities hold employee incentive 
phantom scheme shares on behalf of the Bank in order to hedge the referenced equity price exposure associated with the 
cash settled share-based employee beneﬁt scheme being run by the Group.
 
These SPVs are not legally owned by the Group. However, IFRS 10 consolidation assessment has led the Group to recognize 
the underlying phantom scheme shares in the consolidated ﬁnancial statements as an equity adjustment.
 
The underlying shares are not legally owned by the Bank and does not possess voting right associated with these shares.
 
While the Group does not have legal control or ownership of the SPVs, a reassessment of the structure during the year has 
determined it to have been collapsed and resulted in the recognition of the underlying shares.
(m) Instruments eligible for additional capital
 
In December 2013; the Bank raised regulatory tier 1 capital of QAR 2 billion by issuing unsecured perpetual non-cumulative 
unlisted Tier 1 notes. The coupon payments are discretionary and non-cumulative. On the ﬁrst call date of 30 December 
2019, the interest rates on the notes have been agreed at 5.15% (previous rate 6%) and thereafter to be reset at a prevailing 
sixth year mid-swap rate plus margin every sixth year which will be at 30 December 2025.
 
In February 2016; the Bank raised regulatory tier 1 capital of QAR 2 billion by issuing unsecured perpetual non-cumulative 
unlisted Tier 1 notes. The coupon payments are discretionary and non-cumulative. On the ﬁrst call date of 31 December 
2021, the interest rates on the notes have been agreed at 4.941% (previous rate 6%) and thereafter to be reset at a 
prevailing sixth year mid-swap rate plus margin every sixth year which will be at 29 February 2028.
 
In March 2021, the Bank raised additional regulatory tier 1 capital of USD 500 million (equivalent to QAR 1.82 billion) by 
issuing unsecured perpetual non-cumulative listed Tier 1 notes. The coupon payments are discretionary and non-
cumulative and priced at a ﬁxed rate of 4.5% per annum, payable half yearly until the ﬁrst reset date and thereafter to be 
reset every ﬁve years at the relevant reset reference rate plus the margin converted from an annual to a semi-annual rate in 
accordance with market conditions. The ﬁrst reset date will be 3 March 2026.
 
The Notes are ranked junior to the Bank’s existing unsubordinated obligations including existing subordinated debt and 
depositors, pari passu to all current and future subordinated obligations and senior to the ordinary shares issued by the 
Bank.
 
The Notes have no ﬁxed redemption date and the Bank can only redeem the Notes in the limited circumstance as mentioned 
in the term sheet i.e. regulatory / tax redemption and other general redemption conditions solely at the Bank’s discretion. 
The Bank might be required to write-oﬀ the proposed Capital issue, if a “loss absorption” event is triggered. These notes 
have been classiﬁed under equity.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
176
22. OTHER COMPREHENSIVE INCOME
2024
2023
Changes in fair value of investments in debt securities designated at FVOCI (IFRS 9):
Positive change in fair value
23,530
46,431
Negative change in fair value
(199,372)
(73,897)
Net change in fair value
(175,842)
(27,466)
Net amount transferred to proﬁt or loss*
(132)
(1,381)
Foreign currency translation diﬀerences for foreign operation
(612,139)
(571,127)
Hyperinﬂation impact
866,340
543,518
Share of other comprehensive income of associates and a joint arrangement
5,690
13,654
Net changes in fair value of Cash Flow hedges
157,843
(51,982)
241,760
(94,784)
Net changes in fair value of equity investments designated at FVOCI
4,963
(153,524)
Share of other comprehensive income of associates and a joint arrangement
(2,296)
4,922
Revaluation on land and buildings**
111,305
57,825
Total other comprehensive income/(loss)
355,732
(185,561)
 
*Net amount transferred to proﬁt or loss includes a positive change in fair value of QAR 120 thousand (2023: QAR 112 
thousand) and a negative change in fair value of QAR 252 thousand (2023: QAR 1,493 thousand).
 
** This includes deferred tax amounting to QAR 28.4 million (2023: QAR 20.6 million).
23. CONTRIBUTION TO PROVISION FOR SPORTS AND SOCIAL ACTIVITIES SUPPORT FUND
 
Pursuant to Law No. 13 of 2008, the Bank made an appropriation of QAR 75.8 million (2023: QAR 75.3 million) from retained 
earnings for its contribution to the Social and Sports Activities Support Fund of Qatar. This amount represents 2.5% of the 
net proﬁt of the Group for the year ended 31 December 2024.
24. INTEREST INCOME
2024
2023
Loans and advances to customers
7,161,153
7,241,903
Debt securities
1,426,804
1,454,121
Amounts deposited with banks
647,949
805,213
Amounts deposited with central banks
217,039
36,522
9,452,945
9,537,759
 
The amounts reported above include interest income, calculated using the eﬀective interest method, that relate to ﬁnancial 
assets measured at amortized cost QAR 8,967.3 million (2023: QAR 8,786 million) and at fair value QAR 485.6 million 
(2023: QAR 752 million).

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
177
25. INTEREST EXPENSE
2024
2023
Customer deposits
3,671,068
3,134,572
Debt securities
303,409
225,638
Other borrowings
1,204,133
1,245,819
Interest expense on lease liabilities
4,461
2,359
Due to Banks
952,649
1,062,030
6,135,720
5,670,418
26. FEE AND COMMISSION INCOME
2024
2023
Loans and advances
422,542
455,446
Credit and debit card fees
768,410
711,989
Indirect credit facilities
125,490
130,164
Banking and other operations
295,312
340,137
1,611,754
1,637,736
27. FEE AND COMMISSION EXPENSE
2024
2023
Credit and debit card fees
548,376
509,360
Brokerage services
23,466
195,941
Others
147,984
126,990
719,826
832,291
28. NET FOREIGN EXCHANGE (LOSS) / GAIN
2024
2023
Dealing in foreign currencies & revaluation of spot assets
(94,248)
528,366
29. NET INCOME FROM INVESTMENT SECURITIES
2024
2023
Net gain on disposal of investment securities measured at fair value
6,073
32,411
Net Change in Fair-value of Investment securities
24,764
(18,889)
Dividend income
230,836
235,147
261,673
248,669

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
178
30. OTHER OPERATING INCOME
2024
2023
Rental income
107,353
110,658
Net derivative fair value
73,040
(73,235)
Other income
(928)
2,249
179,465
39,672
31. STAFF COSTS
2024
2023
Salary and beneﬁts (Note)
578,136
720,929
Health care and medical insurance expenses
22,228
14,079
Staﬀ end of services and pension fund contribution (Note 20 (i))
29,781
34,895
Training and education
3,062
1,478
633,207
771,381
 
Note: Salary and beneﬁts include a credit of QR 69.1 million (2023: a cost of QAR 87 million) with respect to share appreciation 
rights due to decline in the market value.
32. OTHER EXPENSES
2024
2023
Marketing and advertisement
31,365
44,379
Professional fees
19,247
23,481
Communication, utilities and insurance
54,204
63,131
Board of Directors’ remuneration
25,500
25,500
Occupancy, IT consumables and maintenance
84,522
69,763
Travel and related costs
2,400
2,012
Printing and stationery
5,662
6,824
Outsourcing service costs
35,811
26,912
Impairment of goodwill (Note 14)
-
5,104
Others
108,249
98,648
366,960
365,754

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
179
33. INCOME TAX EXPENSE
 
The components of income tax expense for the years ended 31 December 2024 and 2023 are as follows:
2024
2023
Current income tax
15,378
84,212
Deferred tax beneﬁt
(33,785)
(3,974)
(18,407)
80,238
Proﬁt Before Tax
3,013,664
3,090,465
Less: Proﬁt not Subject to Tax
(2,812,276)
(2,640,434)
Proﬁt Subject to Tax
201,388
450,031
Eﬀective tax rate
-9.14%
17.83%
Tax Calculated Based on the Current Tax Rate (Eﬀective Rate)
(18,407)
80,238
Income not subject to taxation
53,468
110,395
Expenses not deductible for taxation
(58,866)
(71,986)
Adjustments related to prior years
5,398
(38,409)
Income tax (credit)/expense
(18,407)
80,238
 
Movement in Deferred Tax Balances
Recognized in
Deferred tax
31 December 2024
Net balances 
at 1 January
Income 
Statement
OCI
Exchange 
diﬀerence
Net
Asset/
(liability)
Property and Equipment
(12,868)
10,196
28,449
1,396
27,173
27,173
Provisions
61,875
(30,422)
-
(8,072)
23,381
23,380
Derivatives and investment 
securities
-
4,063
7,719
(297)
11,485
11,485
Unearned Revenue
2,090
(4,638)
-
(9)
(2,557)
(2,557)
Tax losses carried forward
1
-
-
-
1
-
Others
(16,574)
54,586
-
(1,230)
36,782
36,784
34,524
33,785
36,168
(8,212)
96,265
96,265

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
180
33. INCOME TAX EXPENSE (continued)
Recognized in
Deferred tax
31 December 2023
Net balances at 
1 January
Income 
Statement
OCI
Exchange 
diﬀerence
Net
Asset/
(liability)
Property and Equipment
(17,021)
851
20,600
(17,298)
(12,868)
(12,868)
Provisions
41,553
4,550
-
15,772
61,875
61,875
Derivatives and investment 
securities
8,545
(694)
-
(7,851)
-
-
Unearned Revenue
2,282
83
-
(275)
2,090
2,090
Tax losses carried forward
1
-
-
-
1
1
Others
(16,102)
(816)
-
344
(16,574)
(16,574)
19,258
3,974
20,600
(9,308)
34,524
34,524
 
Impact of Pillar Two Legislation
 
The Group mainly operates in the State of Qatar (“Qatar”) and Turkey. On 23 December 2024, Qatar’s Shura Council has 
approved speciﬁc amendments to provisions of the Income Tax Law promulgated under Law No. 24 of 2018 introducing a 
top-up tax with a minimum eﬀective tax rate of 15%. The amendments are likely to be eﬀective from 2025 and are currently 
under ﬁnal approval. Related regulations on implementation, compliance and administrative provisions are expected to be 
issued by the General Tax Authority in the near future. However, since the amended legislations for the top-up tax will be 
eﬀective only from ﬁscal years commencing on or after 1 January 2025, there is no current tax impact for the year ended 31 
December 2024.
 
In August 2024, Turkey enacted new tax legislation to implement a global minimum top-up tax which is calculated based on 
the Income Inclusion Rule (IIR) as eﬀective from 1 January 2024, and the Undertaxed Proﬁts Rule (“UTPR”) as eﬀective from 
1 January 2025. However, the eﬀective applicable income tax rate in Turkey is higher than the global minimum tax, hence 
there is no impact on the Group Financial Statements.
 
The Group is monitoring the progress of the legislative process, and as at 31 December 2024, the Group did not have 
suﬃcient information to determine the potential quantitative impact on its consolidated ﬁnancial statements.
 
The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and will 
account for it as a current tax when incurred.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
181
34. EARNINGS PER SHARE
 
Earnings per share of the Bank is calculated by dividing proﬁt for the year attributable to the equity holders of the Bank by 
the weighted average number of ordinary shares in issue during the year:
2024
2023
Basic/Diluted
Proﬁt for the year attributable to the equity holders of the Bank
3,032,071
3,010,227
Less: Dividend on Instrument eligible for additional capital
(283,720)
(283,720)
Proﬁt for EPS calculation
2,748,351
2,726,507
Weighted average number of outstanding shares in thousands (Note 21 (a))
4,047,254
4,047,254
Less: Employee incentive phantom scheme shares
(192,765)
(199,483)
3,854,489
3,847,771
Basic/Diluted earnings per share (QAR)
0.71
0.71
35. CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS
2024
2023
a) Contingent liabilities
Unutilized credit facilities
15,765,695
13,321,829
Guarantees
16,451,572
15,427,939
Letters of credit
3,383,398
3,495,074
Total
35,600,665
32,244,842
b) Capital commitments
Total
118,011
330,212
 
Unused facilities
 
Commitments to extend credit represent contractual commitments to make loans and revolving credits. The total 
contractual amounts do not necessarily represent future cash requirements, since commitments may expire without being 
drawn upon.
 
Guarantees and letters of credit
 
Guarantees and letters of credit make the group liable to make payments on behalf of customers in the speciﬁc event. 
Guarantees and standby letters of credit carry the same credit risk as loans.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
182
36. CASH AND CASH EQUIVALENTS
2024
2023
Cash and balances with central banks *
2,561,992
4,001,014
Due from banks up to 90 days
8,295,370
11,625,508
10,857,362
15,626,522
 
*Cash and balances with central banks exclude the mandatory cash reserve.
 
37. DERIVATIVES
 
In the ordinary course of business the Group enters into various types of transactions that involve derivative ﬁnancial 
instruments. Derivatives are ﬁnancial instruments that derive their value from the price of underlying items such as equities, 
bonds, interest rates, foreign exchange, credit spreads, commodities and equity or other indices. Derivatives enable users 
to increase, reduce or alter exposure to credit or market risks. 
 
Derivative ﬁnancial instruments include forwards, futures, swaps and options. These transactions are primarily entered with 
banks and ﬁnancial institutions. In the ordinary course of business the Group enters into various types of transactions that 
involve derivative ﬁnancial instruments.
 
Forwards represent commitments to purchase foreign and/or domestic currencies, including non-deliverable spot 
transactions (i.e. the transaction is net settled). Forward rate agreements are individually negotiated interest rate futures 
that call for a cash settlement at a future date for the diﬀerence between a contracted rate of interest and the current market 
rate, based on a notional principal amount.
 
Swaps represents currency, interest rate swaps that are commitments to exchange one set of cash ﬂows for another. Swaps 
result in an economic exchange of cashﬂows arising out of currencies or interest rates (for example, ﬁxed rate for ﬂoating 
rate) or a combination of all these (i.e., cross-currency interest rate swaps). No exchange of principal takes place, except for 
certain cross currency swaps.
 
Options are contractual agreements that convey the right, but not the obligation, to either buy or sell a speciﬁc amount of 
a commodity or ﬁnancial instrument at a ﬁxed price, either at a ﬁxed future date or at any time within a speciﬁed period.
 
The Group’s credit risk represents the potential loss if counterparties fail to fulﬁl their obligation. This risk is monitored on an 
ongoing basis with reference to the current fair value, notional amount of the contracts and the liquidity of the market. To 
control the level of credit risk taken, the Group assesses counterparties using the same techniques as for its lending 
activities.
 
The bank maintains strict control limits on net open derivative positions, i.e. the diﬀerence between purchase and sale 
contracts, by both amount and term. At any one time the amount subject to credit risk is limited to the current fair value of 
instruments that are favourable to the bank (i.e. assets) which in relation to derivatives is only a small fraction of the contract 
or notional values used to express the volume of instruments outstanding. This credit risk exposure is managed as part of 
the overall lending limits with customers, together with potential exposures from market movements. Collateral or other 
security is not usually obtained for credit risk exposures on these instruments, except where the bank requires margin 
deposits from counter-parties.

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
183
37. DERIVATIVES (continued)
 
Derivatives held for trading
 
The Group uses derivatives, not designated in a qualifying hedge relationship, to manage its exposure to foreign currency, 
interest rate and credit risks or initiates positions with the expectation of proﬁting from favourable movement in prices, rates 
or indices. The instruments used mainly include interest rate and currency swaps and forward contracts. All changes in fair 
value of derivatives held for tradng are recognised immediately in proﬁt or loss.
 
Other derivatives represents derivatives which includes , total return swaps and others which are not held to manage 
exposures mentioned above.
 
Where a derivative is not held for trading, and is not designated in a qualifying hedging relationship, then all changes in its 
fair value are recognised immediately in proﬁt or loss.
 
Derivatives held as fair value hedge
 
The Group uses derivative ﬁnancial instruments for hedging purposes as part of its asset and liability management strategy 
by taking oﬀsetting positions in order to reduce its own exposure to ﬂuctuations in exchange and interest rates. The Group 
uses interest rate swaps to hedge against the changes in fair value arising from speciﬁcally identiﬁed interest bearing assets 
such. The Group uses forward foreign exchange contracts and currency swaps to hedge against speciﬁcally identiﬁed 
currency risks.
 
Derivatives held as cash ﬂow hedge
 
The Group uses forward contracts/cross currency swaps to hedge the foreign currency risk arising from its ﬁnancial 
instruments. The Group has substantially matched the critical terms of the derivatives to have an eﬀective hedge relationship.
Positive 
fair value
Negative 
fair value
Notional 
amount
within 3 
months
3-12 
months
1-5 years
More than 
5 years
At 31 December 2024:
Derivatives held for 
trading:
Interest rate swaps
91,045
76,518
2,248,302
123,516
36,498
1,950,584
137,704
Forward foreign exchange 
contracts
255,919
851,589
19,983,881 6,891,384 10,837,341
1,766,099
489,057
Other derivatives
29,695
47,387
5,554,573 2,426,443 3,095,203
32,927
-
Derivatives held for fair 
value hedges:
Interest rate swaps
121,615
-
946,400
-
-
-
946,400
Derivatives held for cash 
ﬂow hedges:
Forward foreign exchange 
contracts
-
718
838,632
36,400
-
354,059
448,173
Interest rate swaps
-
165
133,809
41,172
20,586
72,051
-
Total
498,274
976,377 29,705,597 9,518,915 13,989,628
4,175,720
2,021,334

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
184
37. DERIVATIVES (continued)
Positive 
fair value
Negative 
fair value
Notional 
amount
within 3 
months
3-12 
months
1-5 years
More than 5 
years
At 31 December 2023:
Derivatives held for trading:
Interest rate swaps
77,954
68,784
2,223,796
98,778
382,767
1,727,712
14,539
Forward foreign exchange 
contracts
322,926
21,891
17,462,765 8,318,527
9,123,904
20,334
-
Other derivatives
387,934
448,618
6,384,357
775,432 2,330,042
1,874,647
1,404,236
Derivatives held for fair value 
hedges:
Interest rate swaps
91,663
-
946,400
-
-
-
946,400
Derivatives held for cash ﬂow 
hedges:
Forward foreign exchange 
contracts & others
-
159,933
2,116,284
-
1,448,735
167,440
500,109
Interest rate swaps
2,156
-
98,778
98,778
-
-
-
Total
882,633
699,226 29,232,380
9,291,515 13,285,448
3,790,133 2,865,284
 
At 31 December 2024, the Group held the following derivatives as hedging instruments:-
Hedging instrument
Cash Flow Hedges:
Hedged item
Description
Currency
Notional in 
currency
Average 
Rate
Interest Rate Swaps
Deposit
Fixed for ﬂoating
TRY
1,300,000,000
44.1%
Bond Issuance
Fixed for ﬂoating
USD
10,000,000
2.7%
Cross Currency Swaps
Bond Issuance
HKD to USD
USD
85,158,219
2.0%
HKD
660,000,000
2.1%
NZD to USD
USD
48,043,480
2.3%
NZD
68,000,000
6.1%
CNY to USD
USD
98,501,665
2.4%
CNY
710,000,000
5.6%
Hedging instrument
Fair value Hedges:
Hedged item
Description
Currency
Notional in 
currency
Average 
Rate
Interest Rate Swaps
Govt Bonds
Fixed for ﬂoating
USD
210,000,000
2.83%

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
ANNUAL REPORT 2024
185
38. FUND MANAGEMENT
 
As at the end of the reporting date, the Group holds QAR 1,448 million (2023: QAR 782 million) worth of international 
investment securities on behalf of its customers. Out of this amount, investment securities with a value of QAR 1,448 million 
(2023: QAR 782 million) are held with an international custody and settlement house. The remaining investment securities 
are held with the ﬁnancial institutions through whom the securities were purchased. These ﬁnancial institutions are industry 
leaders in their respective ﬁelds. The Group has established maximum limits for such holding with each ﬁnancial institution 
according to its risk management policy. Fee and commission income earned from funds management for 2024 is QAR 23.1 
million (2023: QAR 10.7 million).
39. RELATED PARTIES
 
Related parties are considered to be related if one party has the ability to control the other party or exercise signiﬁcant 
inﬂuence over the other party in making ﬁnancial or operational decisions. Related parties of the Group include board 
members, close family members of the Board members, entities which are controlled, jointly controlled or signiﬁcantly 
inﬂuenced by the Board members, subsidiaries, associates, joint ventures and key management personnel of the Group. 
Key management personnel comprise those executive committee members “EXCO” of the Group who are involved in the 
strategic planning, decision making and controlling the activities of the Group, directly or indirectly. The terms of these 
transactions are approved by the Group’s management and are made on terms agreed by the Board of Directors or 
management.
 
A signiﬁcant portion of the loans, advances and ﬁnancing activities’ balance at 31 December 2024 and 31 December 2023 
with the members of the Board and the companies in which they have signiﬁcant inﬂuence are secured against tangible 
collateral or personal guarantees. Moreover, the loans, advances and ﬁnancing activities are performing satisfactorily 
honoring all obligations.
2024
2023
Board members of the bank
- Loans, advances and ﬁnancing activities
1,557,630
1,616,147
- Deposits
773,357
1,170,460
- Contingent liabilities and other commitments
5,337
4,507
- Interest and fee income
197,283
214,738
- Interest paid on deposits accounts of board members
50,828
35,661
- Others
-
2,160
- Remuneration (Note 32)
25,500
25,500
Associates and joint arrangement companies
Due from banks
6,808
146,054
Due to banks
1,740
344,431
Deposits
7,126
6,228
Contingent liabilities
20,997
7,231
- Interest earned from associates
13
708
- Interest paid to associates
5,888
4,548

Notes to the Consolidated 
Financial Statements continued
As at and for the year ended 31 December 2024 
QAR ‘000s
cbq.qa
186
39. RELATED PARTIES (continued)
2024
2023
Key management of the bank
- Remuneration and other beneﬁts*
52,842
50,648
- Loans and advances
7,684
8,019
 
* In addition to the above remuneration and other beneﬁts, employees of the Group including senior management have 
been granted share appreciation rights. At 31 December 2024, the cost for share appreciation rights for senior management 
was credit of QAR 19.9 million (2023: cost of QAR 29.9 million).
40. COMPARATIVE FIGURES
 
Certain prior year amounts have been reclassiﬁed for better presentation in order to conform with the current year 
presentation.

ANNUAL REPORT 2024
187
 
Supplementary Information
Financial Statement of the Parent 
QAR ‘000s
(a) Statement of Financial Position – Parent
As at 31 December
2024
2023
ASSETS
Cash and balances with central banks
6,056,104
7,408,865
Due from banks
20,488,775
20,642,968
Loans and advances to customers
86,354,559
86,765,936
Investment securities
31,994,500
28,722,366
Investment in associates and a joint arrangement and subsidiaries
6,925,849
6,201,944
Property and equipment
2,587,312
2,599,840
Other assets
5,701,182
5,862,314
TOTAL ASSETS
160,108,281
158,204,233
LIABILITIES
Due to banks
19,949,551
18,589,817
Customer deposits
73,341,684
73,784,584
Debt securities
10,686,852
7,105,312
Other borrowings
21,702,069
22,606,783
Other liabilities
5,970,952
9,739,354
TOTAL LIABILITIES
131,651,108
131,825,850
EQUITY
Share capital
4,047,254
4,047,254
Legal reserve
9,763,430
9,763,430
General reserve
26,500
26,500
Risk reserve
2,340,332
2,340,332
Fair value reserve
(482,982)
(347,889)
Cash Flow hedge reserve
(718)
(159,933)
Foreign currency translation reserve
(813,068)
(1,363,406)
Other reserves
1,370,601
1,087,955
Revaluation reserve
995,636
995,636
Retained earnings
5,390,188
4,168,504
TOTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE BANK
22,637,173
20,558,383
Instruments eligible for additional capital
5,820,000
5,820,000
TOTAL EQUITY
28,457,173
26,378,383
TOTAL LIABILITIES AND EQUITY
160,108,281
158,204,233

cbq.qa
188
Supplementary Information
Financial Statement of the Parent continued 
QAR ‘000s
(b) Statement of Income – Parent
For the year ended 31 December
2024
2023
Interest income
7,639,745
7,739,069
Interest expense
(4,696,816)
(4,241,665)
Net interest income
2,942,929
3,497,404
Fee and commission income
1,139,018
1,341,307
Fee and commission expense
(682,766)
(567,643)
Net fee and commission income
456,252
773,664
Net foreign exchange gain
61,964
110,903
Net income from investment securities
261,053
223,655
Other operating income
146,208
115,267
Net operating income
3,868,406
4,720,893
Staﬀ costs
(286,330)
(441,254)
Depreciation
(139,214)
(123,964)
Amortization and impairment of intangible assets
(26,990)
(46,268)
Net impairment reversals on investment securities
22,146
5,846
Net impairment losses on loans and advances to customers
(394,001)
(962,584)
Net impairment reversals on other ﬁnancial assets
95,572
111,069
Other provisions
(197,403)
(39,405)
Other expenses
(448,895)
(402,625)
Proﬁt for the year
2,493,291
2,821,708
Accounting Policies for Financial Information of the Parent
Statement of ﬁnancial position and income statement of the parent bank are prepared using the same accounting policies 
followed for the consolidated ﬁnancial statements except for investment in subsidiaries, which are not consolidated.


The Commercial Bank (P.S.Q.C.) 
P.O.Box 3232 Doha, Qatar
Phone: +974 4449 0000
www.cbq.qa