DUBAI, Feb 9 (Reuters) - Commercial Bank of Qatar (CBQ), the Gulf Arab state’s second-largest lender by assets, posted a 29 percent increase in fourth-quarter net profit on Monday, falling short of analyst forecasts.
The bank earned a net profit of 387 million riyals ($106.28 million) for the three months to December last year, it said in a statement. That compares with a profit of 300 million riyals it reported in the year-earlier period.
Five analysts had forecast an average quarterly profit of 425.1 million riyals, according to a Reuters poll.
CBQ made a net profit of 1.94 billion riyals in 2014, up 20.9 pct from 2013, the statement said.
The bank said its board was recommending a combination of a cash dividend payout of 3.5 riyals per share and the issue of one bonus share for every 10 shares held for 2014. CBQ’s board had recommended a mixture of cash and a bonus share dividend worth 4 riyals per share for 2013.
$1 = 3.6413 Qatar riyals Reporting by Tom Arnold; Editing by Dale Hudson