Bloomberg News

Qatar CBQ’s Third-Quarter Profit Rises 8.6%; Tops Estimates

October 17, 2011

(Adds analyst comment in third paragraph.)

Oct. 17 (Bloomberg) -- Commercial Bank of Qatar, the country’s second-biggest lender, said third-quarter profit jumped 8.6 percent as fee and commission income increased.

Net income rose to 552 million riyals ($152 million) from 508.2 million riyals a year earlier, the bank said in a statement to the Qatar bourse today. The median estimate of four analysts was for a profit of 480.5 million riyals, according to data compiled by Bloomberg.

Commercial Bank “delivered balance sheet growth and a solid income statement,” Ryan Ayache, a Dubai-based banking analyst at Deutsche Bank AG, said in an e-mailed research note. “Operational performance is well ahead of consensus.”

Qatar, the world’s biggest exporter of liquefied natural gas, forecasts its economy to grow 16 percent this year amid rising gas and fuel exports. Qatar National Bank SAQ, the country’s largest lender, posted a 31 percent increase in third- quarter profit, beating estimates. Doha Bank QSC profit climbed 10 percent in the quarter.

“The results demonstrate positive momentum in both revenue and lending growth and we will look to maintain this for the remainder of the year,” Managing Director Hussain Al Fardan said in a separate statement.

Third-quarter net fee and commission income jumped to 164 million riyals from 122.7 million riyals, while net interest income rose to 466.3 million riyals from 448.2 million riyals.

The shares have lost 11 percent this year compared with a 2.4 percent drop for the benchmark QE Index. The stock rose 1.2 percent to 82 riyals on the Qatar Exchange today before the results were announced.

--Editors: Shaji Mathew, Tim Farrand

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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