Interest on loans buoys Doha Bank profit

Qatar's fifth-largest lender posts record income of $84mn in Q2, up 28% year-on-year.
Interest on loans buoys Doha Bank profit
By Ola Galal
Mon 21 Jul 2008 05:12 PM

Doha Bank, Qatar's fifth-largest bank by market value, posted a record profit in the second quarter as interest on loans doubled.

Net income in the three months ending June 30 rose 27.6 percent to 305.22 million riyals ($83.89 million) compared with 239.19 riyals in the corresponding period last year, the lender said in a statement on the bourse website.

Net interest income in the second quarter jumped 52.1 percent to 249.27 million riyals and net fee and commission income rose 5.5 percent to 79.88 million riyals, it said.

Income from Islamic financing and investment activities rose 15.1 percent to 55.497 million from the year-earlier period.

Second-quarter earnings per share were 1.89 riyals against 1.52 percent a year ago, it added.

Shares of Doha Bank were up 0.39 percent at 0706 GMT. The stock has risen 12.95 percent this year to Sunday's close, underperforming the main index, which is up more than 22 percent. (Reuters)

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