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Thu 18 Oct 2007 10:21 AM

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Qatar's CBQ profit up 72%

Commercial Bank of Qatar posts net income of $130.5mn in Q3 as fees and commissions surge.

Commercial Bank of Qatar (CBQ) beat analysts' forecasts with third consecutive record profit in the third quarter as fees and commissions surged.

Net income at Qatar's second-largest lender by market value jumped almost 72% in the three months to September 30 to 384.2 million riyals ($105.6 million), or 2.74 riyals per share, compared with 223.94 million riyals, or 1.60 riyals per share, in the year-earlier period, the bank said in a statement on the Qatari bourse website.

Net interest income rose 31.8% to 233.5 million riyals, and net fees and commissions 60.5% to 169.95 million riyals, the bank said.

Analysts' forecasts in a Reuters survey last month ranged from 347.75 million riyals to 365.78 million riyals.

Commercial Bank Chief Executive Andrew Stevens could not immediately be reached for comment.

Shares of Commercial Bank have risen 45% this year, the best performance among Qatari lenders.

By comparison, shares of rival Qatar National Bank have advanced 22%, while Doha Bank has declined almost 11%.

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