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Mon 18 Apr 2016 03:32 PM

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Qatar's Doha Bank says Q1 net profit falls by 16%

Qatar's fourth-largest lender by assets earns net profit of $97.3m in the three months to March 31

Qatar's Doha Bank says Q1 net profit falls by 16%
R Seetharaman, chief executive of Doha Bank.

Doha Bank, Qatar's fourth-largest lender by assets, reported a 16 percent decline in first-quarter net profit on Monday, missing the average expectation of analysts.

The bank earned a net profit of 354.16 million riyals ($97.3 million) in the three months to Mar. 31 against 420.21 million riyals in the same period of the previous year, the company said in a filing to the Qatar bourse.

Three analysts polled by Reuters had forecast on average the bank would make a quarterly net profit of 399.2 million riyals.

Tough global economic conditions, including falling commodity prices and instability in currency markets, would curtail the bank's performance in 2016, chief executive R. Seetharaman had warned in January.

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