Qatar big banks’ combined net profit grows by 10.6% in H1 - The Peninsula Qatar

Qatar big banks’ combined net profit grows by 10.6% in H1 - The Peninsula Qatar:

Qatar’s top banks delivered a combined net profit of a solid QR12bn for the first half of 2018, up 10.6 percent compared to QR10.85bn reported during the same period a year ago. Among the largest eight banks, QNB led the pack by recording QR6.65bn net profit or 6.67 percent up from H1, 2017, Qatar Stock Exchange (QSE) disclosed.

The Commercial Bank, which delivered QR855m in net profit, recorded an impressive 376.1 percent year-on-year growth. While the Islamic lender QIB posted 13.75 percent growth, the net profits of other two Islamic banks Masraf Al Rayan and QIIB grew by 4.5 percent and 4.02 percent, respectively.

Qatar banks asset quality indicators will stabilise or deteriorate slightly for 2018 barring any significant disruption to the banks; operating conditions that could come from geopolitical risks. Cost of risk will trend toward normalised levels because of IFRS 9 implementation during 2018, though real estate and hospitality sectors are under pressure in Qatar, according to market analysts. The banks’ combined assets (and liabilities) rose by 6.6 percent in June from a year ago. Bank deposit growth, at 3 percent year-on-year in May, is also on the rise, having benefi