DUBAI, Oct 18 (Reuters) - Commercial Bank of Qatar posted a 24-percent drop in third-quarter net profit, hit by a single corporate default for which it set aside 50 million Qatar riyals ($13.7 million).
The lender's third-quarter net profit fell to 397 million riyals -- below analysts' expectations -- from 523.1 million riyals in the same period last year, according to Reuters calculations based on previous financial statements. The company did not provide a quarterly breakdown of its results.
Commercial Bank of Qatar, the country's third-largest by market value, made a net profit of 1.34 billion riyals in the first nine months of the year, according to a statement posted on the Doha exchange on Sunday.
The bank's net provisions jumped more than 70 percent to 397 million riyals in the first nine months of this year from 230 million riyals in the same period one year ago.
In the third quarter alone, it set aside 50 million riyals against a single corporate default, but declined to name the company.
'We have been set back by the need to set aside additional provisions for our investment and loan portfolio,' chief executive Andrew Stevens told Reuters in an interview.
Competitors Qatar National Bank and Qatar Islamic Bank last week reported a 7.5 percent and 53 percent drop in third-quarter net profit, due to a rise in provisions.
(Reporting by Nicolas Parasie, editing by Natsuko Waki/Will Waterman)
($1=3.641 Qatar Rial) Keywords: QATARBANK EARNINGS (nicolas.parasie@thomsonreuters.com; +971 4 391 8301; Reuters Messaging: nicolas.parasie.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The lender's third-quarter net profit fell to 397 million riyals -- below analysts' expectations -- from 523.1 million riyals in the same period last year, according to Reuters calculations based on previous financial statements. The company did not provide a quarterly breakdown of its results.
Commercial Bank of Qatar, the country's third-largest by market value, made a net profit of 1.34 billion riyals in the first nine months of the year, according to a statement posted on the Doha exchange on Sunday.
The bank's net provisions jumped more than 70 percent to 397 million riyals in the first nine months of this year from 230 million riyals in the same period one year ago.
In the third quarter alone, it set aside 50 million riyals against a single corporate default, but declined to name the company.
'We have been set back by the need to set aside additional provisions for our investment and loan portfolio,' chief executive Andrew Stevens told Reuters in an interview.
Competitors Qatar National Bank and Qatar Islamic Bank last week reported a 7.5 percent and 53 percent drop in third-quarter net profit, due to a rise in provisions.
(Reporting by Nicolas Parasie, editing by Natsuko Waki/Will Waterman)
($1=3.641 Qatar Rial) Keywords: QATARBANK EARNINGS (nicolas.parasie@thomsonreuters.com; +971 4 391 8301; Reuters Messaging: nicolas.parasie.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
