Doha Bank posts 15% jump in Q1 profit

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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)


Market Performance

Doha Bank
-0.9 -1.45 (%)
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