Doha Bank net profit misses expectations
DUBAI: Doha Bank, Qatar’s fifth-largest lender by assets, yesterday reported a 8.9 percent fall in thirdquarter 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 yesterday, 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.