Qatar's Commercial Bank posts record profit

RECORD PROFIT: Commercial Bank said second quarter income jumped 68 percent to $165.6 million. (Getty Images)

Commercial Bank of Qatar posted a record profit in the second quarter on higher loans and an almost tripling of income from Islamic finance and investments, financial data showed on Monday.

According to financial data posted on the Doha bourse website on Monday, Commercial Bank made 602.74 million riyals in the second quarter, a 68.1 percent surge on the year-earlier period.

Qatar's third-biggest bank by market value said on Sunday first half net profit hit 1 billion riyals ($274.7 million), without giving quarterly data or a breakdown of the profit drivers.

Newswire Reuters had calculated the second quarter profit as 563.6 million riyals based on first-quarter earnings of 436.40 million riyals.

The bank's net interest income grew 39 percent to 294.84 million riyals in the second-quarter, encouraged by an economic boom in the world's largest exporter of liquefied natural gas, the financial data showed on Monday.

Income from Islamic financing and investment activities soared 186.5 percent to 26.5 million riyals, while net fee and commission income grew 37 percent to 253.03 million riyals.

Shares of Commercial Bank were up 1.42 percent to 143.10 riyals at 0746 GMT - a 30 percent discount to EFG-Hermes' target price of 186.5 riyals. (Reuters)

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