QFB posts QR425.5mn loss

Qatar First Bank said it recorded a net loss of QR425.5mn at the end of the third quarter in September.
Ayman Zaidan, QFB head (Treasury and Investment Management) said, “After a challenging nine months with global and regional headwinds, QFB recorded a net loss of QR425.5mn where prevailing market uncertainties are among the major concerns for the reduction in banks revenue.” 
He said QFB’s ambitious cost rationalisation plan initiated in first half of 2016 continues to generate positive results by reducing staff cost, other operating expenses, and finance cost by 29.8%, 12.5%, and 9.6%, respectively compared to nine-month period in 2017. 
He added, “Furthermore, other income increased mainly due to fair value of Shariah-complaint risk management instruments and fee income from the structured products. The bank is continuing its programme of creating liquidity from private equity portfolio while working with partners on new opportunities in developed markets that will be seeded and managed by QFB.”