Mubasher: The Commercial Bank of Qatar on Thursday posted a 408% year-on-year hike in its profit for the second quarter of 2018.
Net profits amounted to QAR 450.06 million ($124.2 million) in Q2-18, compared to QAR 88.59 million ($24.4 million) in Q2-17, according to CBQ’s statement to the Qatar Stock Exchange (QSE).
As for the first half of 2018, the Qatari lender's profits surged 376.1% to QAR 855.06 million, compared to QAR 179.59 in H1-17.
Earnings per share (EPS) grew to QAR 2.11 for the six-month period ended 30 June 2018, versus QAR 0.45 in the same period of the prior year.
Total assets advanced by 4.8% to QAR 139.9 billion in the period between January and June, while customer deposits increased 1% to QAR 75.1 billion. Customer loans and advances went up 4.3% year-on-year to QAR 87.2 billion during the same period.
“In this, the second year of our five year plan, the Bank has made very good progress in reshaping its business for sustained growth,” Sheikh Abdullah bin Ali bin Jabor Al Thani, chairman of CBQ, commented.
CBQ’s profits grew 345% year-on-year to QAR 405 million in the January-March period of 2018, from QAR 91 million.
By 11:39 am Qatar time, CBQ’s stock rose 1.83% at QAR 39.32.
