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10 December 2023

Doha Bank Q4 net profit jumps 25%

By Reuters

Qatar-based Doha Bank posted a 25.4 per cent 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 154 million Qatari riyals ($42.3 million), according to Reuters calculations, up from 122.8 million riyals from a year earlier.

The results fell short of analysts' average expectation for 208.12 million riyals.

The bank earned a nine-month net profit of 895.3 million riyals, according to Reuters calculations.
For the full year, Doha Bank reported net profit of 1.05 billion riyals, compared with 973.62 million riyals in 2009.

In October the bank's CEO said it planned to launch a $500 million 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.