the bottom line

DUBAI:

Commercial Bank, Qatar’s third-largest lender by assets, on Tuesday reported a huge 345 percent jump in first-quarter net profit, beating analysts’ forecasts as provisions for bad loans halved. The bank earned a net profit of 405 million riyals ($111 million) in the three months to March 31, it said in a statement, against 91 million riyals in the same period last year.

The average forecast from three analysts polled by Reuters was for a quarterly profit of 329.5 million riyals.

Until last year Commercial Bank had been setting aside additional provisions to cover bad debt linked to troubles facing some of its overseas investments, as well as cutbacks in state and consumer spending in Qatar. (RTRS)

NEW YORK:

Investment bank Goldman Sachs said Tuesday that its first quarter profits rose by 26 percent, helped by a lower tax bill and a surge in market volatility.

The Wall Street bank earned $2.83 billion, or $6.95 a share, compared with $2.26 billion, or $5.15 a share, in the same period a year earlier. The results topped analysts’ forecasts, who were looking for Goldman to earn $5.58 a share, according to FactSet.

Revenue increased across all of its businesses, but most notably in trading, which saw revenue rise 31 percent from a year earlier. (AP)

NEW YORK:

Much-higher spending and one-time charges offset a12.6 percent jump in health care giant Johnson & Johnson’s first-quarter revenue, trimming its profit by 1.2 percent, but the results still beat Wall Street expectations.

The maker of baby products, medical devices and blockbuster immune disorder drug Remicade on Tuesday reported revenue of $20.01 billion, topping analyst projections for $19.48 billion. Sales across J&J’s three business segments all posted healthy gains. (AP)

NEW YORK:

UnitedHealth chased a 35 percent profit hike in last year’s first quarter with a 31 percent jump in the first three months of 2018 by adding customers and improving its growing operations outside insurance.

The nation’s largest health insurer also boosted its forecast for 2018 Tuesday after a surprisingly strong start to the year.

UnitedHealth was among the largest gainers on the S&P 500 in early trading. UnitedHealth added customers for its Medicare Advantage and Medicaid businesses and stretched its reach into South America by buying a health care provider and insurer that operates in Chile, Columbia and Peru. (AP)