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Mon 16 Jul 2007 11:54 PM

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Qatar Commercial posts record profits

Higher lending, fees and commissions spur record profits for country's second-largest lender.

Commercial Bank of Qatar, the country's second-largest lender by market value, posted record profit in the second quarter spurred by higher lending, and fees and commissions.

Net income in the three months to June 30 surged 66.6 % to 358.65 million riyals ($98.51 million), or 4.46 riyals per share, compared with 215.32 million riyals, or 3.16 riyals per share in the year-earlier period, the bank said in a statement on the Qatari bourse Web site on Monday.

Net interest income jumped 28.5 % to 212.09 million riyals, and fees and commissions 78 % to 184.50 million riyals, the bank said.

Analysts' forecasts for the bank's second-quarter profit ranged between 300.19 million riyals to 405.06 million riyals in a Reuters survey last month.

Officials at the bank could immediately be reached for comment.

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