Reuters logo
UPDATE 1-Qatar's Doha Bank third-quarter net profit falls short of forecasts
October 19, 2016 / 12:26 PM / in a year

UPDATE 1-Qatar's Doha Bank third-quarter net profit falls short of forecasts

(Adds official Q3 figure)

DUBAI, Oct 19 (Reuters) - Doha Bank, Qatar’s fifth-largest lender by assets, on Wednesday reported a 8.9 percent fall in third-quarter net profit, missing analysts’ expectations.

The bank earned a net profit of 310.6 million riyals ($85.3 million) in the three months to Sept. 30 against 340.9 million riyals in the same period a year earlier, according to its full financial statement.

Reuters had earlier calculated a third-quarter figure from a preliminary statement from the bank on Wednesday, which gave results for the nine months to Sept. 30 and did not break out the third quarter.

Four analysts polled by Reuters had forecast on average the bank would make a quarterly net profit of 354.1 million riyals.

Banks in Qatar are battling against the fallout from a prolonged weakness in energy prices, which has dented growth in lending and constrained liquidity.

Loans at the end of September stood at 55.6 billion riyals, gaining 2.1 percent on the same point in 2015, while deposits fell 6.6 percent to 48.6 billion riyals over the same period.

The bank reported net profit of 1.02 billion riyals in the first nine months of the year, lower than the 1.1 billion riyals it reported a year ago, according to its statement. ($1 = 3.6409 Qatar riyals) (Reporting by Tom Arnold; Editing by David French and Jane Merriman)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below