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Qatari bank CBQ posts 3rd-quarter loss vs year-ago profit
October 18, 2016 / 11:01 PM / a year ago

Qatari bank CBQ posts 3rd-quarter loss vs year-ago profit

DOHA, Oct 18 (Reuters) - Commercial Bank of Qatar (CBQ), the Gulf Arab state’s third-largest lender by assets, late on Tuesday reported a third-quarter net loss versus a year-ago profit.

The bank made a net attributable loss of 1.38 million Qatari riyals ($379,016.75) in the three months to Sept. 30, Reuters calculated based on financial statements in lieu of a quarterly breakdown. That compares with a profit of 275.93 million riyals in the same period a year earlier.

The average of four analysts polled by Reuters had forecast CBQ would make a quarterly profit of 281.7 million riyals.

Credit growth in the Gulf state has been one of the main drivers of expansion for banks in recent years as Qatar spends on infrastructure development and ahead of hosting the soccer World Cup in 2022.

But more modest levels of government spending amid the lower oil prices environment is expected to hamper banking performance in 2016.

The bank on July 4 appointed Joseph Abraham as chief executive. Abraham had been chief executive of Australia and New Zealand Banking Group’s Indonesia business since 2008. ($1 = 3.6410 Qatari riyals) (Reporting by Tom Finn; Editing by Matthew Lewis)

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