DOHA COMMERCIAL Bank of Qatar (CBQ) has reported QR548 million net profit in the third quarter, a slight drop from QR552 million level during the same period in 2011.
However, its net profit rose to QR1.56 billion during the first nine months of the year, a 4 percent rise over QR1.50 billion in the same period last year.
According to the bank’s financial statement, profit from financial investments for the quarter was QR120.4 million against QR19.5 million in the same period in 2011.
On the other hand, fee and commission income dropped to QR172.2 million from QR201.4 million from the year earlier.
Net interest income for the nine months was QR1.40 billion, 2 percent lower than the same period in 2011, reflecting growth in lending to customers offset by a reduction in the net interest margin.
Non-interest income was QR781 million for the first nine months in 2012 compared with QR718 million for the same period in 2011 due to higher gains from the bank’s investment portfolio and an increase in foreign exchange income partially offset by lower levels of net fee and commission income.
Net operating income in the nine months was QR2.185 billion, 2 percent higher than the level achieved in the same period last year.
The bank’s total operating expenses were up by 14 percent to QR709 million compared with QR622 million in 2011, while the bank’s net provisions for loans and advances were QR66 million in the nine months, down 46 percent from QR123 million in the same period in 2011.
Provisions for impairment on the bank’s investment portfolio fell to QR35 million for the nine months compared with QR43 million for the same period in 2011.
The bank’s total assets rose 8 percent to QR76.4 billion compared to QR70.4 billion in the same period last year. The increase in total assets from the end of 2011 was due to growth of QR6.8 billion in lending to customers and QR1.5 billion in balances held with the Qatar Central Bank, partially offset by a reduction of QR4.2 billion in balances due from banks and financial institutions.
Loans and advances to customers were up by 17 percent to QR48.4 billion as on September 30, 2012 compared with QR41.5 billion at the end of September 2011 and were up by 16 percent from December 31, 2011.
The growth in lending in 2012 has been generated from both the corporate and retail businesses.
Financial investments fell to QR11.6 billion as on September 30, 2012, 1 percent lower than at the end of December 2011. (AI)
Post a Comment
Post a Comment