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Qatar Commercial Bank Fees Spur Q3 Profit to Record
Real estate news By John Irish
Thu Oct 18, 2007 8:02 AM BST
Commercial Bank of Qatar <COMB.QA> 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 percent in the three months to Sept. 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 Web site.
Net interest income rose 31.8 percent to 233.5 million riyals, and net fees and commissions 60.5 percent 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 Officer Andrew Stevens could not immediately be reached for comment. Shares of Commercial Bank have risen 45 percent this year, the best performance among Qatari lenders.
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