Doha Bank posts 15% jump in Q1 profit

Net profit in 3 months to Mar 31 rose to QR363m ($99.78m), compared to QR315m in year-earlier period
By Reuters
Mon 18 Apr 2011 05:53 PM

Doha Bank posted a 15

percent jump in first quarter net profit, beating an average of

analysts estimates, amid a rise in net interest income, the

company said in a statement on Monday.

Net profit in the three months to March 31 rose to QR363m ($99.78m), compared to QR315m ($86.58m) in the first quarter of 2010.

Banks in Qatar, the world's largest exporter of Liquified

Natural Gas (LNG), are expected to benefit as the world's

fastest-growing economy continues to spend more on

infrastructure ahead of hosting the 2022 soccer World Cup.

Analysts on average had forecast quarterly profit of QR276.5m, according to a Reuters poll.

Net interest income rose 33.4 percent to QR393m and total assets increased 4.5 percent to QR44.4bn from QR46.4bn in the comparable period one year earlier.

The Gulf state's fifth largest bank by market value said

customer deposits and unrestricted investment depositor accounts

climbed to 28 billion in the first quarter, indicating a strong

liquidity position for the bank.

"The bank's core revenue streams, like interest income,

foreign exchange earnings etc. have shown remarkable growth,"

said Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al Thani,

managing director at Doha Bank.

Shares of Doha Bank closed down 0.6 percent to QR51.50.

($1=QR3.638)

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