Financial Assessment of Commercial Bank of Qatar - Case Study Example

The Commercial Bank of Qatar: A Financial Assessment 2013-2015

Executive Summary

The financial statements for the Commercial Bank of Qatar provide an opportunity for the assessment of the company’s financial standing for the 2013, 2014, and 2015 financial years. As a shareholder and stakeholder, the statements are invaluable in the evaluation of the equity investments through the consideration of returns and future projections in the price as well as the input of the management in determining the company’s direction (Vergoossen, 1993, 223; Zeng, 2010, 1186). The most important decision derived from such financial analysis is whether to sell the share, acquire more or hold, which is driven by the need to lower risks and boosts returns and growth (Beaver, 1968, 70). Being financial statements for 3 consecutive years, it is possible to undertake a trend analysis of the company’s performance, its consistencies, inconsistencies, and ability to grow the shareholder’s wealth. From the assessment of the financial statements, it is possible to recommend a hold decision, especially with the consideration of the ratio analysis and the company’s capital structure; however, the company’s objectives, as guided by the top management seem optimistic.

Introduction

The structure of the financial reports has not changed over time, which makes comparison and assessment simplified. The first segment of the report is ‘Business at a Glance’ which provides an overview of the bank’s performance by including the most important aspects of the report. The overview, which is not different from the executive summary, reduces the need for the shareholder to go deep into the report to acquire a glimpse into whether the company had performed to the expectations or not (Goodman, 2007, 29). For instance, the statements for 2015 indicate that the company’s growth slowed considering the previous years as indicated by the net interest income, operating income, net profit, and total assets. The decline is also reflected by the percentage return on average shareholder’s equity. The information in this particular segment is critical in prompting an inquiry into the explanations of the trend, which, if justified by industry wide factors such slow economic growth or crisis or even company-specific issues such as intensive investment on physical growth, would not necessarily result in the consideration of other investment opportunities (Healy & Palepu, 2012, 196; Penman, 2001, 56).

The message of the chairman and vice-chairman, which represents that of the directors, does not relate much with the financial assessment although it tells much about the company’s goals and mission within Qatar and beyond. In 2013, the chairman, Abdullah Bin Khalifa Al Attiyah, noted that the bank anticipated lower growth levels due to the generally slow growth at the state and global levels, which necessitated a refinement of the company’s long-term strategy to ensure the growth of the shareholder’s wealth (15). Implicatively, the slower growth experienced in 2015, was not a surprise. As a shareholder, I also note that the chairman provided an explanation for the inconsistency by noting the lower rate of Qatari economy, slower Chinese economic growth, lower price and consumer good prices, and tighter US monetary policies. Ideally, much of the information in the financial statements is crucial in a shareholder’s decision-making as it gives insights into the bank’s financial position and issues affecting its operations as well as future plans and projections (Vergoossen, 1993, 47).

Commercial Bank of Qatar’s Financial Objectives

Focus on SMEs

One of the financial objectives Commercial Bank of Qatar is the focus on SMEs. Their focus on the SMEs is driven by the fact that they view them as the best avenues of collecting maximised revenues. In this case, they offer the best services to the small and medium enterprises. This concentration is mean to ensure that the bank maximises its profits and returns it accrues from its customers (Hunnicutt, 2009, 25). Practically, the bank views the SMEs as the best customers when weighed under different perspectives in the financial sector. On dealing with the SMEs the bank offers affordable services to the enterprises so that they can increase their customer bases.

To ensure their objectives on the SMEs is achievable; the bank is keen to protect the organisations on the financial entitlement through maintenance of liquidity on the deposits. The bank makes sure that the deposits of the SMEs are quite secured by maintaining enough capital reserves. The level of security is also maintained by the ability of the bank to maintain healthy financial relationships with the Central Bank of Qatar. The financial connection with the central bank is pivotal to ensuring that the commercial institution is bailed out during liquidity traps (Maliki, Hammami and Mardini, 2015, 79). Commercial Bank of Qatar is the second largest lender and is, therefore strongly bound by the country’s legislation which it has to comply with. On that regard, the bank becomes one the most secure banks in the Middle East.

The bank’s connection with the SMEs is based on the loans it offers. The CBQ offers loans that are meant to raise the capital base of the enterprises. The bank’s financial objectives target the stability of the SMEs by allowing them to borrow for purposes of investment. The loans offered by the bank towards the small and medium enterprises are flexible and earn affordable borrowing rates to enhance more lending to the SMEs. With the SMEs doing quite well in the Middle East, the reward of lending to them outdoes the risks involved. In lending to the SMEs, the bank increases its stability as most of them are able to service their loans flexibly. The lending to the SMEs is quite safe as compared to giving the loans to individuals. On that case, the objective of dealing with SMEs rather than individuals secures the interest of the stakeholders associated with the bank (Zaher and Kabir Hassan, 2001, 160).

The company’s support for the SMEs is also informed by the need to support public initiatives such as the National Vision 20130, which is the blueprint guiding the state’s development agenda. Although the focus on SMEs may be seen as a business strategy it indicates that the company is fully dedicated to the success of the private sector and the country’s economy (Griffith-Jones & Bhattacharya, 2001, 89). For example, the company signed into the new Al Dhameen programme that has the aim of extending help for SMEs through the provision of training and financing. It engaged in training of managers in the private sector on the opportunities for investments by listing in the Qatar Stock Exchange.

Besides deriving profits from ventures, shareholders are generally interested in courses that focus on social betterment (Zu, 2009, 148; Salama, 2013). Indeed, the investments that have been seen to have positive implications on the society often have higher shareholder inclusion intention than one that does not contribute positively towards social development (Wild et al., 2004, 93; Cai, Hillier, & Wang, 2015). The involvement of the CBQ in the empowerment of SMEs is literally an example of its social responsibility, which is a positive business objective, which I would like to associate with. Studies indicate that entities investing in social capital have higher returns. According to Arregle et al. (2007, 75) social capital is a form of competitive advantage that is available then an entity or individual reciprocates and builds a trusting relationship (Banerjee, 2008, 56). Through the creation of better relationships with the SMEs, there is a higher probability that the businesses will continue to bank with CBQ besides seeing increments in their cash flows, which will result in higher profits for our company (Vogel, 2005, 61).

Duty to the Shareholder

Another financial objective of this bank is to ensure that it safeguards the interests of its owners and other long term shareholders. The shareholders are safeguarded through offering of interest rates that comport to their involvement in the bank. On that regard, the bank makes sure it voluntarily discloses its financial statements to the shareholders and the public at large (Edvinsson & Malone, 1997). The CEO and the board of directors use the most vivid language towards disclosure of information. The bank’s directors use attribution theory in the announcement of its statement to ensure that they meet their financial objective of safeguarding stakeholders. Voluntary disclosure using attribution is quite pivotal in enhancing the loyalty of shareholders and other investors. Moreover, this disclosure enhances the image of the bank in line with its objectives (Schaltegger & Figge, 1997, 84).

Due to the identified future weaknesses of the global economy, especially with reference to lower oil and commodity prices, the management noted that it would impact on the shareholders and took different measures to ensure that they would continue to experience acceptable levels of growth (Parcero & Ryan, 2016). One of the ways is the consideration of alternative platforms of investment as noted in the 2013 financial statements. According to the chairman, the integration of clever plans in the management of the bank would result in better performance regardless of the financial constraints facing the larger environment (Kanno, 2015, 119). The discussion on the benefits of the shareholder makes up a significantly large segment of the chairman’s report in the three consecutive financial statements, which shows the value that of the shareholders in the company. On the other hand, the vice-chairman, in the 2014 report, acknowledges that the shareholders have continued to play a critical role in the development of the bank over the years. Due to the commitment to the shareholder, the vice-chairman notes the potential of the investment in Alternatif Bank (ABank), to provide better returns for the shareholder as its first venture in the Turkish banking sector.

Just like other commercial banks, CBQ is objected to minimise risks involved in the free cash flows and other transactions. The risk management is achieved through maintenance of systems and policies that do not land banks into liquidity traps (Levine, 1999); (Benston, 2006, 58). Lack of avenues to liquidity traps is further heightened by complying with central bank’s legislations and policy framework (Croci & Giudice, 2012, 398). CBQ’s is objected to ensure that it does not fall into the trap through unsecured loans. The bank is, therefore, very conservative on its retail and wholesale lending. The bank offers borrowing rates that are cognizant of the financial status of the economy they are operating in. In 2014, the bank’s risk management section strengthened its credit processes in attempts to become one of the most secure institutions in the Middle East. Through their Operation Risk Management systems, the bank was, in 2014, able to offer risk management solutions that were keen to manage market perils associated with financial institutions. The financial objectives of the commercial bank were keen to continue employing the same strategies in 2015 to heighten the strategies of risk controlling processes. The bank was keen to enhance the core processes of managing the credit issuance through policies set by the central bank of Qatar.

In consideration of the willingness to lower the investment risks to investor friendly levels, the company offers a good investment opportunity where the shareholder’s wealth is under considerable risk (Cohen & Wang, 2013, 172). While undertaking risks in the business environment, it is crucial that the management of every business evaluates the risk level that would not endanger the contributions of the shareholder. In the banking sector, the risk of losing money to seemingly lucrative ventures such as subprime mortgages is very high, especially due to the lack of adequate security. With the focus on SMEs in a growing economy, the risk is considerably lower while the returns are high, which is one of the investment opportunities that every investor would associate with (Bezborodova, 2013, 7); (Liang, 2011, 11).

Business Expansion

The other objective of the commercial bank of Qatar is enhancing their business performance over all fronts in the period succeeding 2014 and 2015. The CBQ, in 2015, achieved quite significant results in all metrics. Most important, was their increment in the lending to both enterprises and individuals. The lending grew by 14% in 2015, indicating their enhancement in the lending objective. The high lending in 2014 gave the commercial bank interest incomes worth 15% further indicating the bank’s success in the financial sector. CBQ has been the leading bank in the financial lending sector leading to a 27% growth in customer base in 2014. The bank, further acquired a growth of 31% in their customer portfolio. The growth indicates that the firm was keen to achieve its objectives through a practical implementation (Paulson, 2010, 119). The lending objectives, further, strengthens the strategies of sales and customer acquisition.

The CBQ is objected to using their subsidiaries in an attempt to implement and succeed in their growth objective. The subsidiaries are used to reach a bigger customer base. The bank delegates some of their functions to the subsidiary institutions, further, strengthening their success in the financial sector. Moreover, the bank has associates who are used to offer syndicated loans as well as guarantees for the loans given already. With the bank operating beyond borders the involvement of subsidiaries and associates is a locus to their success and investment banking security (Castellaneta, 2013; Arestis, Ferreiro, & Serrano, 2005, 45). The bank is, therefore, one of the safest commercial institutions in the Middle East (Nachef, Jantan, & Boularas, 2014, 230).

With the already discussed financial objectives, commercial bank of Qatar satisfies the personal goals of long term investors. The security of long term investors is safeguarded through credit risk management processes. These processes are keen to ensure that free cash flows are maintained at safe levels so that their shareholding is put at manageable levels (Meek, Roberts & Gray, 1995, 564). The personal objectives are, also, satisfied through the voluntary disclosure of information. Long term shareholders should be treated like the owners of the bank as they are the spine of capital reserves of the institutions (Mitchell, 1990, 1165). Therefore, all information regarding the financial statements of the bank should be disclosed to the long term investors.

As a long term investor, I am satisfied significantly by the financial objectives of the bank. I am pleased by the growth path of the bank as it ensures that my shares will continue to earn dividends. The bank is on a growth pathway with the customer base increasing from 24% in 2014 to 31% in 2015. This growth indicates that the company is safe to invest in. Moreover, the increasing customer acquisition is a focal point in ensuring that the profits of the bank will continue to balloon as time goes by increasing the confidence of stakeholders (Grais & Pellegrini, 2006, 56). On that case, the company is very safe for all long term investors who want to take part in investment banking. The company is so far one of the most stable investment banks in the Middle East.

Ratio Analysis

Ratio analysis has in the recent past become an integral part of most companies. Ratio analysis gauges the performance of a company so as to establish future profitability prospects, they also measure the liquidity position of a company for a particular period so as to determine whether a firm has sufficient resources to run it operations efficiently. In addition, ratio analysis helps to perform inter-company and industry analysis so as to ensure that the company continues to enjoy the largest market share (Revsine et al., 2005, 97). Ratio analysis is divided into five categories namely; liquidity ratios, profitability ratios, efficiency ratios, gearing ratios and investment or equity ratios. For the purpose of this analysis, we will seek to perform ratio analysis for Commercial bank for three years: 2013, 2014 and 2015.

Liquidity Ratios

Liquidity ratios are those ratios that are used to measure the company’s ability to meet its short-term maturing obligations (current liabilities) when the fall due. They show how efficient the company is in utilizing its current assets to meet its liabilities. A lower liquidity ratio means higher liquidity risk while a higher liquidity ratio means lower liquidity risk. A company with a poor liquidity position increases the chances of being declared bankrupt and credit untrustworthy. There are two liquidity ratios; current ratio and acid test ratio which are computed using the formulas;

Current ratio = current assets / current liabilities

Acid test ratio = (current assets - inventory) / current liabilities

2013

2014

2015

Current ratio

= 25,369,000 / 80,680,000

= 0.31

= 25,249,000 / 71,049,000

= 0.36

= 24,852,000 / 80,543,000

= 0.31

Acid test ratio

= 25,369,000 – 884,000 / 80,680,000

= 0.30

= 25,249,000 – 1,108,000 / 71,049,000

= 0.34

= 24,852,000 – 1,960,000 / 80,543,000

= 0.28

The Commercial Bank of Qatar had a higher current ratio and quick ratio in 2014 which implies that the company had lower liquidity risk in 2014 compared to 2013 and 2015.

Profitability ratios

Profitability ratios are the ratios used to gauge how effective the company’s management is in generating revenue from its sales and other investments. Higher profitability ratios show the success of the management in generating returns for the company in a year. Some of the profitability ratios include; return on ordinary shareholders’ funds (ROSF) and operating profit margin. The ratios are computed using the formulas given below;

Return on ordinary shareholders’ funds = profit for the year / (ordinary share capital + reserves) * 100

Operating profit margin = (operating profit / sales revenue) * 100

2013

2014

2015

ROSF

= 1,605,378 / 12,068,328

= 13.30%

= 1,940,213 / 12,855,302

= 15.09%

= 1,433,625 / 12,862,877

= 11.15%

Operating profit margin

= 1,282,825 / 3,433,896

= 37.36%

= 1,609,493 / 3,902,469

= 41.24%

= 1,360,241 / 3,949,158

= 34.44%

It is evident that in 2014, Commercial Bank of Qatar had a higher ROSF and operating profit margin of 15.09% and 41.24% respectively compared to the other tears which means that the bank more efficient in generating revenues in 2014.

Efficiency ratios

Efficiency ratios also known as turnover ratios are those ratios which determine the efficiency with which the company utilizes its assets to generate sales (Chen, Cheng & Hwang, 2005, 172). They also show the frequency at which a company converts its assets into sales. Efficiency ratios include accounts receivable turnover which shows the efficiency of a company in managing its credit policy. Sales revenue per employee shows the efficiency of a company in using its employees to generate revenues. They are given by the formulas:

Accounts receivable turnover = sales / accounts receivable

Sales revenue per employee = sales revenue / number of employee

2013

2014

2015

Accounts receivable turnover

= 3,433,896 / 3,553,000

= 0.97

= 3,902,469 / 5,844,000

= 0.67

= 3,949,158 / 6,203,000

= 0.64

Sales revenue per employee

= 3,433,896 / 1,154,000

= 2.98

= 3,902,469 / 1,159,000

= 3.37

= 3,949,158 / 1,248,000

= 3.16

The bank had a higher accounts receivable in 2013 of 0.97 which means that the bank’s management was more efficient in managing its credit policy. In addition, the bank had a higher sales revenue per employee in 2014 of 3.37 which can be attributed to the fact that the company had better ways of generating more sales revenue from its employees.

Gearing ratios

Gearing ratios also known as leverage ratios can be defined as the ratio which measures the extent to which a company uses its assets which have been financed by borrowed funds. It is a measure of financial risk. A higher gearing ratio implies a higher financial risk while a lower gearing ratio means lower financial risk (Buzby, 1974, 234); (Mao & Ai, 2009). Gearing ratios includes interest cover which shows the number of times a company’s revenues cover its current interest payment (Roos, G. & Roos, J., 1997, 420). Debt ratio is a gearing ratio which measures the proportion of borrowed funds to equity finances. The ratios are obtained using the formulas:

Interest cover = operating profit / interest expense

Debt ratio = long term debt / total equity

2013

2014

2015

Interest cover

= 1,282,825 / 1,418,787

= 90.42%

= 1,609,493 / 2,060,445

= 78.11%

= 1,360,241/ 1,756,915

= 77.42%

Debt ratio

= 17,105,000 / 16,555,000

= 103.32%

= 18,885,000 / 17,696,000

= 106.72%

= 20,523,000 / 17,299,000

= 118.64%

Commercial bank of Qatar had a debt ratio greater than 100% during the three-year period which means that it has higher financial risk. It is evident that the year 2015 had the highest debt ratio of 118.64% thus the increase in financial risk for the bank compared to the previous years. However, according to interest cover, the bank had a higher interest cover in 2013 of 90.42% which means that the bank had enough revenue to cater for the current interest payments as well as lower financial risk.

Investment or equity ratios

These are ratios used to evaluate the overall performance of a company such as the determination of the company’s dividend policy, predicting the effects of a rights issues and the determination of the theoretical value of the company’s shares. Investment ratios include; price earnings ratio which indicates how much an investor is prepared to pay for a share in the company given its current EPS. Another investment ratio is the earnings per share (EPS) which determines the amount the company’s shareholders expect to generate in form of earnings for every share invested in the company. The formulas for calculating the ratios are given as;

Price earnings ratio = market price per share / earnings per share

Earnings per share (EPS) = earnings attributable to ordinary shareholders / number of ordinary shares

2013

2014

2015

Price earnings ratio

= 70.80 / 6.48

= 10.93

= 68.50 / 5.93

= 11.55

= 45.90 / 3.92

= 11.71

Earnings per share

= 1,604,485 / 247,446

= 6.48

= 1,760,316 / 296,935

= 5.93

= 1,281,457 / 326,629

= 3.92

The bank had a higher price earning in 2015 of 11.71 compare to 10.93 and 11.44 in 2013 and 2014 respectively. This means that the investors are more confident of a better performance in the future. Consequently, the year 2013 had a higher EPS of QAR6.48 per share. This implies that the bank’s investors earned more in 2013 from their investments compared to 2014 and 2015.

Capital Structure

The 2008 economic crisis have influenced the investment decisions by many firms, especially in consideration of the debt level. Most of the firms that had high levels of debt were largely affected by the economic meltdown. As a result, the debt-equity ratio should always be a primary consideration for investors where high debt levels should be avoided (Mock, 2010); (Singlawi & Aladwan, 2016, 103). In consideration of the Commercial Bank of Qatar, an analysis of the trend in the ratio is quite worrying. The long-term debt (at the end of the year) for the company has been going high at the end of every financial year since 2009 as indicated by the 2015 financial report. According to the report, the debt at the end of 2009 was 9,924 million QAR, which increased to 20,523 million QAR. On the other hand, the shareholder’s equity by the end of the year increased from 12,010 million QAR to only 17,299 million QAR. The table below shows the debt/equity ratios with consideration of the total liabilities.

2013

2014

2015

Debt – Equity Ratio

5.8325

5.5185

6.1348

From the table, it is evident that the company’s equity-to-debt ratio has been increasing gradually. Settlement of liabilities largely requires the involvement of the current assets, delivery of services or creation of other debts (Dewaelheyns & Van Hulle, 2008, 350). As an implication, the debts will at some point require financing, which may dig into shareholder dividends or further debts and, as a result, risking the shareholder’s wealth (Wong, Opper & Hu, 2004, 54). In this regard, companies with a debt/equity ratio closer to zero present a more favourable investment opportunity (Bontis, 1996, 68); (Hoque & Kashefi-Pour, n.d.). On the other hand, the freedom of the company’s actions may be restricted by creditors besides potentially hurting the firm’s profitability. The worst case would be the inability of the company to pay off its debts within the stipulated time besides the competitors posing the threat of leveraging the situation to their advantage (Yeh, 1996, 975).

The business environment is another factor to consider in the determination ofa company’s capital structure (Hu, 1990, 1273); (Moon, 2007, 300). Generally, companies experiencing episodes of high growth rate can have higher debts to facilitate growth. Also, the economic growth rate is a determiner of the capital structure where higher economic growth can correspond with higher debts. Considering the slowing economic growth in Qatar and the Middle East, it is expected that companies in the region reduce their debt burdens in the anticipation of tough economic times, which come with lower earnings (Wiedmann, Salama, & Thierstein, 2012). However, CBQ’s debt has been increasing despite the expected shrinkage of the economy; nonetheless, the company has expanded significantly.

Conclusion and Recommendations

The objectives of the bank are in line with the expectations of long-term shareholders, especially in consideration of the need to be involved in courses promoting social development, such as the empowerment of SMEs. Also, CBQ recognizes the need to increase the wealth of its shareholders through a gradual increase in the share price and development of strategies focused to the achievement of such goals. On the other hand, the company is dedicated towards international expansion as increasing the geographical coverage would reduce reliance on the slowing Qatari economy. The dedication towards the reduction of the investment risks also improves the confidence of shareholders in the company’s stock. With a strong message from the chairman for the three financial statements assessed, it may be prudent to recommend a buy without consideration of the ratio analysis and capital structure.

It is evident from the ratio analysis computed for Commercial Bank of Qatar that the liquidity position is decreasing and therefore more attention should be placed on the short term obligations to avert possibilities of the bank going bankrupt. The bank should strive to maintain liquidity ratios of more than 1.0. In terms of profitability, the bank experienced a decline in profits in 2015 compared to 2014 which shows that they had more expenses in 2015. The bank should aim at maximizing its profits in a year so as to attract more investors.

Commercial Bank of Qatar showed more efficiency in generating sales in 2013 and 2014 which dropped drastically in the year 2015. They should tighten their credit policies such that accounts receivables are collected on time. In addition, the financial risk as evidenced by the gearing ratios shows a distressing trend for the bank. This means that the bank has heavy reliance on non-owner supplied funds compared to owner’s contributed funds. The investors earned high in 2013 which continued to decrease by the year 2015. In consideration of the ratios, a buy would not necessarily result in better returns as various inconsistencies can be spotted in the bank’s performance between 2013 and 2015 and, as a result, recommending a hold is prudent.

On the other hand, the debt/equity ratio show a worrying trend as the proportion has continued to increase despite the slow economic growth. The accumulating debts may inhibit the corporate behaviour despite the strong goals and direction set by the management. Although the international growth of the bank can explain the increase in the debt, it raises fear about the ability to service the liabilities under the future economic outlook. The company should endeavour to reduce the borrowing rate besides clearing much of the outstanding short-term liabilities. As the past investment decisions by the firm have not yielded the best results besides the expectations, especially in light of the debt levels, being mixed, I recommend a hold on the stock. Conclusively, the financial assessment mainly supports the hold recommendation as the only the objectives support a recommendation of buying more equity.

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