Commercial Bank Of Qatar Q3 Profit Surges

Commercial Bank of Qatar, the Gulf Arab state’s second-largest lender by assets, reported a 79 per cent rise in third-quarter profit on Wednesday, beating analysts’ expectations.

The bank earned a net profit of QAR503 million ($130.8 million) for the three months to Sept. 30. That compares with a profit of QAR280.9 million in the year-earlier period.

Analysts had on average forecast quarterly profit of QAR457.8 million, according to a Reuters poll.

Reuters had initially calculated the bank’s third-quarter profit as QAR476.3 million based on its nine-month financial statement before the bank subsequently provided a quarterly breakdown.