CBQ profit jumps 29pc to $139.5m in Q3

Doha, October 19, 2010

Commercial Bank of Qatar (CBQ) reported a 28.9 per cent jump in third-quarter net profit on Tuesday, beating analysts' expectations on average on increased loan activity and deposits.

Qatar's third-largest bank by market value posted a net profit of QR508 million ($139.5 million), up 29 per cent from QR394 million a year earlier.

That topped an average of QR414 million forecast by analysts in a Reuters poll, as well as the highest forecast for QR442 million.

Net profit for the first nine months of the year was QR1.33 billion, the bank said in a statement.

Earlier this week, the Qatar central bank's 2009 financial stability review noted that the banking system was sound and banks had comfortable provisions against non-performing loans.

The Qatari government spent about 6.5 per cent of GDP last year on capital injections and other measures to maintain stability in the sector. – Reuters

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