Mubasher: Doha Bank on Thursday announved recording a 75% year-on-year drop in its profits for the second quarter of 2018, which negatively affected the financial results of the first half of 2018.
Net profits amounted to QAR 89.7 million in Q2-18, compared to QAR 351.5 million in Q2-17, according to the bank’s filing to the Qatar Stock Exchange (QSE).
As for the first half of 2018, profits of Qatar's fifth-biggest lender declined 34.3% to QAR 470.7 million, from QAR 715.5 million in H1-17.
Earnings per share (EPS) amounted to QAR 1.52 for the six-month period ended 30 June, versus QAR 2.56 in the same period of the prior year.
Total assets decreased 2.9% year-on-year recording QAR 89.2 billion in the period between January and June, while net loans and advances stood at QAR 57.9 billion.
The Qatari lender said that customer deposits went down 7.9% to QAR 51.6 billion in H1-18, instead of QAR 56 billion in the same period of the previous year.
It is worth noting that Doha Bank’s profits grew 4.7% to QAR 381 million in Q1-18, from QAR 364 million in Q1-17.
By the end of Thursday’s session, Doha bank’s stock retreated 0.95% at QAR 27.02.
