Bloomberg News

Doha Bank Third-Quarter Profit Jumps 10% on Interest Income

October 12, 2011

(Updates with financial statement in second paragraph.)

Oct. 12 (Bloomberg) -- Doha Bank QSC, Qatar’s fifth-largest lender by market value, reported a 10 percent jump in third- quarter profit as interest income increased.

Net income rose to 308 million riyals ($85 million) from 280.6 million riyals a year earlier, according to a financial statement posted on the Qatar Exchange website today. Net interest income climbed 10 percent to 382 million riyals, while gains from fees increased 14 percent to 93.5 million riyals.

Qatar, the world’s biggest exporter of liquefied natural gas, forecasts its economy may expand by about 16 percent this year, helped by fuel exports. Qatar National Bank SAQ, the country’s largest lender, posted a 31 percent increase in third- quarter profit, beating estimates.

Doha Bank’s lending grew about 9 percent so far this year and may increase as much as 20 percent in 2012 after the government raised wages and announced infrastructure projects for the 2022 soccer World Cup, Chief Executive Officer Raghavan Seetharaman said in an interview on Sept. 23.

The shares have dropped 4.5 percent this year compared with a 3 percent decline in the benchmark QE Index. The stock closed 1.3 percent higher at 62.1 riyals in Doha trading today before the results were announced.

--Editors: Shaji Mathew, Colin Keatinge

To contact the reporter on this story: Robert Tuttle in Doha at rtuttle@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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