DOHA: Commercial Bank of Qatar (CBQ) reported a 28.9 percent jump in third-quarter net profit on Tuesday, beating analysts’ expectations on average on increased loan activity and deposits.
Qatar’s third-largest bank by market value posted a net profit of 508 million Qatari riyals ($139.5 million), up 29 percent from 394 million riyals a year earlier.
That topped an average of 414 million riyals forecast by analysts in a Reuters’ poll, as well as the highest forecast for 442 million riyals.
Net profit for the first nine months of the year was 1.33 billion Qatari riyals, the bank said in a statement.
Earlier this week, the Qatar central bank’s 2009 financial stability review noted that the banking system was sound and banks had comfortable provisions against non-performing loans.
The Qatari government spent about 6.5 percent of GDP last year on capital injections and other measures to maintain stability in the sector.