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Tue 20 Jan 2009 03:07 PM

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Commercial Bank of Qatar Q4 profit falls 74%

Gulf bank posts 100 million riyals ($27.46million) profit in Q4.

Commercial Bank of Qatar's fourth-quarter profit declined 73.8 percent to 100 million riyals ($27.46 million) compared with the year-earlier-period, missing analysts' forecasts.Full year profit rose to 1.7 billion riyals from 1.4 billion in 2007, the bank said in a statement on the Doha bourse website.

It did not give figures for the fourth quarter which Reuters calculations based on previous earnings. It had made 381.4 million riyals ($104.7 million) in the fourth quarter of 2007.

The board recommended a cash dividend of seven riyals per share, it said in the statement.

Three analysts forecast, on average, fourth-quarter profit of 492.76 million riyals ($135.31 million), according to a Reuters poll in December. (Reuters)

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