Mubasher: Commercial Bank of Qatar (CBQ) posted a 345% year-on-year surge in its profits during the first quarter of 2018.
Net profits amounted to QAR 405 million during Q1-18, up from QAR 91 million in Q1-17, according to the bank’s filing to the Qatar Stock Exchange (QSE) released late on Tuesday.
Net operating income increased 3.8% to QAR 919 million for the three-month period ended 31 March 2018, compared to QAR 885 million in Q1-17.
“The Qatari economy is resilient with GDP growth revised upwards to 2.8% for 2018, making it one of the fastest growing economies in the region,” said CBQ's chairman Abdullah bin Ali bin Jabor Al Thani.
Total operating expenses went down 12.4% to QAR 311 million in Q1-18 versus QAR 355 million for the same quarter of the previous year, Qatar's third-largest lender by assets noted.
In fiscal year 2017, CBQ's profits increased by 20.6% to QAR 603.65 million compared to QAR 500.75 million in FY16.
