Mubasher: Qatar First Bank (QFB) reported a year-on-year hike in its losses for the second quarter of 2018.
Net losses amounted to QAR 352.2 million ($96.7 million) in Q2-18, compared to QAR 67.1 million ($18.4 million) in Q2-17, according to the bank’s statement to the Qatar Stock Exchange (QSE) late Monday.
“[This year] is showing a positive growth momentum for the overall banking and finance sector compared to the previous year but the regional landscape still continues to be challenging for most of the investment banks on regional and international level,” Ayman Zaidan, head of treasury and investment management – QFB, commented.
For the first half of 2018, losses of the Qatari sharia-compliant lender surged 361.5% to QAR 353.9 million, from QAR 76.7 million in H1-17.
Losses per share (LPS) reached QAR 1.77 for the six-month period ended June, versus QAR 0.38 in the same period of the prior year.
“QFB’s ambitious cost rationalisation plan that we implemented starting from the first half of 2016 continue to generate positive results by significantly reducing both staff cost and other operating expenses by 34% and 17%, respectively,” Zaidan added.
Net losses of the QSE-listed bank jumped 199% to QAR 28.64 million in the period between January and March, from QAR 9.56 million in the same period of the previous year.
By 10:10 am Qatar time, QFB’s stock retreated 3.60% at QAR 5.09.
