Doha – Mubasher: The Commercial Bank of Qatar (CBQ) on Monday reported a slide in profits by 68.3% in the first quarter of 2017.
Net profits amounted to QAR 91.226 million in Q1-17, compared to QAR 288.115 million in the same period of the previous year, according to a filing to the Qatar Stock Exchange (QSE).
Earnings per share (EPS) amounted to QAR 0.24 in Q1-17, compared to QAR 0.85 in the same period of the year before, the statement showed.
The bank had previously reported a decrease of 64.3% in its profits for 2016 reaching QAR 500.75 million, compared to QAR 1.4 billion in 2015.
Commenting on CBQ’s results, the bank’s chairman Sheikh Abdullah bin Ali bin Jabor Al Thani stated: “Commercial Bank has started the year on a strong note, with an improved capital position and with the Strategic Reshape Plan well under way.”
Looking to and considering Qatar’s future, “we have realigned the bank’s strategy to focus on sustainable earnings and growth, while continuing to positively contribute to the development of the local economy.”
Qatar’s economy was given an "AA" rating by Fitch, noting its resilience and that it is set for a “healthy” growth in gross domestic product (GDP) of 3.6% in 2017, the top official said, noting that this GDP forecast and Fitch’s rating will contribute to supporting CBQ’s growth
