Commercialbank announces strong growth in first quarter 2006

"We are pleased with these results which confirm that we continue to achieve strong progress with the implementation of our growth strategy. Significant sums are currently being invested in people, processes and premises for our future expansion, at the same time our net profit in the first quarter of 2006 has increased by 22% compared to the same period of 2005."

Mr. Hussain Al Fardan, Commercialbank's Managing Director, commented,

"Commercialbank's results for the first quarter of 2006 reflect balanced growth across all our businesses. Total assets grew 64% to QR23 billion from QR14 billion in the first quarter of 2005. Total loans and advances increased by 71% to QR12 billion and fee and commission income rose by 62% to QR77 million. Customer deposits increased by 56% from QR9 billion to QR14 billion. Net interest income grew by 49% to QR155 million and non-interest income climbed by 5% to QR162 million (including profit from investment, fees and commissions and income from Islamic finance and investment activities). Our business continues to grow from strength to strength, generating sustainable growth for our shareholders."

Mr. Andrew Stevens, CEO Commercialbank, said, "We are truly inspired by Qatar and we remain at the heart of the nation's economic development. We are ready to play an increasing role in supporting Qatar's future growth. In the first three month of this year alone, we have arranged financing for several of Qatar's major development projects. Our total commitment to Qatar's oil and gas sector now exceeds QR2.5 billion. We were also Mandated Lead Arranger and onshore security trustee for the QR1.9 billion facility for the RAF-B2 power generation and water desalination project. In addition, Commercialbank was appointed as Manager and Issuer of the Gulf Cement Company's Initial Public Offering which closed successfully earlier this week."

Commercialbank's support for Qatar's oil and gas sector in the first quarter of 2006 included being appointed as Onshore Account Bank for the QR21.1 billion Qatargas III project. The Bank acted as Mandated Lead Arranger for a QR1.8 billion facility supporting Nakilat LNG vessels equity, and arranging the financing for the QR6.9 billion J5 Nakilat construction of 8 new LNG vessels.

Andrew Stevens said, "Commercialbank has invested in the development of its new internet banking service providing customers with real time online banking and a worldwide transfer facility. www.cbq.com.qa also includes, for the first time, an Arabic enabled service. Commercialbank's new internet banking service is proving increasingly popular with customers. In excess of 8,000 customers registered for the new service in the first six weeks after its launch."

He added, "We are extremely proud to have become the first title sponsor of both the Commercialbank Qatar Masters golf tournament and the Commercialbank Grand Prix of Qatar. These global sporting events help to project Qatar as a major international sporting venue and an economic powerhouse to audiences of 250 million people in 200 countries."