Commercial Bank of Qatar (CBQ) rose to its highest in more than a month after the country's second-biggest lender said third-quarter profit rose 8.6 per cent as fee and income commission increased.
Net income rose to 552.1 million rials in the quarter, compared with 508.2m rials in the same period a year earlier, the bank said in a statement to the Qatar Exchange yesterday. A consensus of analysts forecast a profit of 480.5m rials.
Third-quarter net fee and commission income rose to 164m rials from 122.7m rials. Net interest income rose to 466.3m rials from 448.2m rials. CBQ shares rose 1.2 per cent to 82 rials yesterday, their highest since September 11.
"Qatar's bank earnings have been relatively pleasing overall," said Raj Madha, an analyst at Rasmala Investment Bank in Dubai. "There wasn't much problem with the growth number, no real deterioration in asset quality and revenue seems to be on track."
Qatar, the world's biggest exporter of liquefied natural gas, forecasts its economy may expand by about 16 per cent this year, helped by fuel exports. The IMF forecasts growth of about 19 per cent, making Qatar's the world's fastest-growing economy for a second year.
The country, which is hosting the 2022 Fifa World Cup, promised to more than double hotel and apartment rooms to 84,000 and build a US$25 billion rail and metro network before the tournament. In August, the central bank reduced its overnight lending rate and repurchase rate to 4.5 per cent from 5 per cent to boost spending on infrastructure and property projects.
Last week, Qatar National Bank, the country's largest lender, said net profit rose 31 per cent to 1.9bn rials, beating analyst estimates of 1.8bn rials. Doha Bank reported a 10 per cent increase in third-quarter profit to 308m rials.
Joe Kawkabani, the chief investment officer for equities at Franklin Templeton Investment, said he was "bullish" on Qatar's market and overweight across all the Middle East and North Africa funds at Templeton.
halsayegh@thenational.ae
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How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
Day 1, Dubai Test: At a glance
Moment of the day Sadeera Samarawickrama set pulses racing with his strokeplay on his introduction to Test cricket. It reached a feverish peak when he stepped down the wicket and launched Yasir Shah, who many regard as the world’s leading spinner, back over his head for six. No matter that he was out soon after: it felt as though the future had arrived.
Stat of the day - 5 The last time Sri Lanka played a Test in Dubai – they won here in 2013 – they had four players in their XI who were known as wicketkeepers. This time they have gone one better. Each of Dinesh Chandimal, Kaushal Silva, Samarawickrama, Kusal Mendis, and Niroshan Dickwella – the nominated gloveman here – can keep wicket.
The verdict Sri Lanka want to make history by becoming the first team to beat Pakistan in a full Test series in the UAE. They could not have made a better start, first by winning the toss, then by scoring freely on an easy-paced pitch. The fact Yasir Shah found some turn on Day 1, too, will have interested their own spin bowlers.
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
