Commercial Bank of Qatar, the Persian Gulf country’s second-biggest bank by assets, posted a smaller-than-expected 66 percent rise in fourth-quarter profit as loan growth failed to keep pace with deposits.
Net income for the three months ended Dec. 31 was 309 million riyals ($85 million), the Doha-based bank said in a statement to the Qatar Exchange today. The mean estimate of five analysts was for a profit of 443 million riyals, according to data compiled by Bloomberg. The bank reported a 7 percent increase in full-year profit to 1.64 billion riyals. Full-year loans and advances rose 5 percent to 33.6 billion riyals, while customer deposits jumped 27 percent to 33.3 billion riyals.
"The growth rates on deposits have been pretty good," Jaap Meijer, head of the bank team at AlembicHC in Dubai, said in a phone interview before the results were announced. "Loan growth hasn’t been that impressive compared to other banks."
No comments:
Post a Comment