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