By: Eman Ghaly
Mubasher: The financial statements of the nine banks listed on the Qatar Stock Exchange (QSE) showed a 4.03% year-on-year increase in their profits for the second quarter of 2018.
Net profits amounted to QAR 5.72 billion ($1.57 billion) during Q2-18, compared to QAR 5.50 billion ($1.51 billion) in Q2-17, according to a survey conducted by Mubasher.
The QSE banking sector consists of nine banks, namely Qatar National Bank (QNB), Masraf Al Rayan, Qatar Islamic Bank (QIB), Qatar International Islamic Bank (QIIB), Al Khalij Commercial Bank (KCBK), Ahli Bank (ABQ), Commercial Bank of Qatar (CBQ), Doha Bank, and Qatar First Bank (QFB).
The heavyweight QNB acquired the majority of profits with QAR 3.69 billion of the total amount, while Doha Bank acquired the least with QAR 89.4 million.
QFB is the sector’s only loser, as the lender’s 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.
As for growth rates, CBQ recorded the highest growth with 409.7% with total profits of QAR 450.4 million, the survey showed.
First half
The Qatari banking sector witnessed an 8.21% year-on-year growth during the first half of 2018, recording QAR 11.58 billion from QAR 10.79 billion.
QNB, the largest lender in the Middle East and Africa by assets, ranked the first with QAR 7.14 billion of the total profit, while KCBK registered the lowest profit with QAR 335.33 million.
As for growth rates, CBQ topped the list after growing 376.1%, according to the survey.
The nine banks’ total assets rose 5.63% year-on-year to QAR 1.47 trillion during the six-month period ended last June.
Financial services
Profits of financial services companies declined 153.5% year-on-year during the period between April and June, registering QAR 2.47 million versus QAR 4.62 million.
The four companies are Qatar Oman Investment, Dlala Brokerage and Investment Holding (DBIS), Islamic Holding Group (IHGS) and National Leasing Holding Company (NLCS).
During the period between January and June, net profits tumbled 29.72% to QAR 10.68 million, compared to QAR 15.20 million for the same period a year earlier.
Translated by: Kholoud Mohamed Hussein
