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DOHA, April 17 Commercial Bank of Qatar
beat analysts' forecasts with a seven percent rise in
quarterly profit as the Gulf Arab state's third-largest lender
presses ahead with its international expansion.
The bank - which is buying a majority stake in Turkey's
Alternatifbank as it seeks lending opportunities outside the
tiny, gas-rich state - cited growth in lending to the
commercial, real estate and services sectors.
Chairman Abdullah Bin Khalifa Al Attiyah said in a statement
that the bank will develop its international alliance businesses
in Oman and in the United Arab Emirates, alongside the Turkish
The bank earned a net profit of 506 million riyals ($139.0
million) for the first quarter, compared with 471 million riyals
Analysts had forecast an average quarterly profit of 469.17
million riyals, according to a Reuters poll.
Earlier on Wednesday Qatar's Doha Bank reported a
first quarter net profit of 395 million riyals compared to 390
million riyals for the year-ago period.
Doha Bank, Qatar's fifth-largest bank, aims to increase its
share of profits from overseas business to 15 percent from 8
percent currently, its chief said earlier this month.
($1 = 3.6404 Qatar riyals)
(Reporting By Regan Doherty; Editing by Louise Heavens)