Doha Bank Q4 net profit jumps to $42.3m

Qatari lender's fourth quarter profit up 25.4% at QR154m, but misses analysts' average forecasts
Doha Bank Q4 net profit jumps to $42.3m
(Getty Images)
By Reuters
Wed 19 Jan 2011 12:18 PM

Qatar-based Doha Bank posted a 25.4 percent jump in quarterly net profit on Wednesday as it increased its total assets, but fell short of analysts' average forecast.

Qatar's fifth-largest bank had a fourth-quarter net profit of QR154m ($42.3m), according to Reuters calculations, up from QR122.8m from a year earlier.

The results fell short of analysts' average expectation for QR208.12m.

The bank earned a nine-month net profit of QR895.3m, according to Reuters calculations.

For the full year, Doha Bank reported net profit of QR1.05bn, compared with QR973.62m in 2009.

In October the bank's CEO said it planned to launch a $500m bond in January.

The Qatar central bank's 2009 financial stability review noted in October that the banking system was sound and banks had comfortable provisions against non-performing loans.

Goldman Sachs began coverage of Doha Bank in September with a "buy" rating, saying Qatari banks are well-capitalised but that the growth potential of the sector is relatively limited partly due to higher banking penetration. ($1=QR3.638)

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