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Doha Bank Q2 profit jumps 13.1pc

Doha, July 20, 2011

Doha Bank , Qatar's fifth largest bank by market capitalisation, posted a 13.1 per cent jump in second-quarter net profit on Tuesday, beating analysts' forecasts on increased lending and growth in customer deposits.

The lender reported a net profit of QR339 million ($93 million), according to Reuters calculations, compared with QR299.7 million in the same period last year.

Analysts polled by Reuters on average expected a quarterly profit of QR304.90 million.

Reuters calculated the bank's quarterly profit based on previous financial statements. The bank reported first-half profit of QR702 million.

Loans grew 4.3 per cent, and deposits rose 7.2 per cent year-on-year during the first half of the year, the company said in a statement.

In April Qatar's central bank limited the amount Qatari citizens can borrow to no more than QR2 million ($549,254) on loans with a maximum maturity of six years and QR400,000 on loans of no more than four years.

The bank has fully applied the new regulations on loans granted to individuals, the statement said.

 'We are convinced that the new ceiling on personal loans will not curtail consumer lending,' the bank's Chief Executive Officer R Seetharaman said in the statement. 

Seetharaman said in April that it may delay its planned $500 million bond sale until 2012. In October, Doha Bank mandated Morgan Stanley and JP Morgan to arrange for a $500 million bond.

Doha Bank shares closed 1.5 per cent lower prior to the results. They have fallen 20 per cent so far this year. – Reuters




Tags: Doha Bank | profit | Second quarter |

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