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Qatar's Doha Bank Q3 net profit slides 14.3 pct, misses forecasts
October 19, 2016 / 11:21 AM / a year ago

Qatar's Doha Bank Q3 net profit slides 14.3 pct, misses forecasts

DUBAI, Oct 19 (Reuters) - Doha Bank, Qatar’s fifth-largest lender by assets, reported a 14.3 percent decline in third-quarter net profit on Wednesday, according to Reuters calculations, missing analysts’ expectations.

The bank earned a net profit of 292.0 million riyals ($80.2 million) in the three months to Sept. 30 against 340.9 million riyals in the same period a year earlier, Reuters calculations showed, using financial statements in lieu of a quarterly earnings breakdown.

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

Lenders in Qatar are battling against the fallout from a prolonged dip 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 of 2015, while deposits dipped 6.6 percent to 48.6 billion riyals over the same period.

The bank posted 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)

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