Qatar banks' returns down
Doha, June 17, 2008
Most Qatar banks saw a drop in investment returns on their assets last year compared to 2006 levels, according to a report.
Qatar National Bank saw returns on assets fall to 2.7 per cent in 2007 from 3.3 per cent in 2006, while Qatar Islamic Bank dropped to 6.9 per cent from 8.2 per cent two years ago, said the Emirates Business report quoting Global Investment House.
Commercial Bank of Qatar is the only bank to record returns on its assets last year as it improved from 3.3 per cent in 2006 to 3.7 per cent in 2007, it said.
For return on average equity, Commercial Bank, Doha Bank and Ahli Bank reported improved returns in 2007 while Qatar National Bank, Qatar Islamic Bank and Qatar International Islamic Bank reported decline in their returns, Global Investment House's latest economic and strategic outlook report said.
In quarter one of 2008, the aggregate assets of all the listed banks witnessed a year to date growth of 15.1 per cent to $79.7 billion from $69.32 billion at the end of 2007, it said.
The combined net profit of the banks under review grew by 54.2 per cent year on year in quarter one of 2008, from $440 million at the same time last year to $680 million.
The combined balance sheet of all Qatari listed banks grew by 61 per cent in 2007 to $69.22 billion from $43.12 billion in 2006, it said.