Doha Bank net profit misses ex­pec­ta­tions

Kuwait Times - - BUSINESS -

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.

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