Mubasher: The Commercial Bank of Qatar’s (CBQ) profits are expected to take a hit for the third quarter of 2017, according to a recent report by Qatar National Bank (QNB) Financial Services.
The Commercial Bank of Qatar owns 40% of the United Arab Bank (UAB), which reported a loss, it also owns 30% of the National Bank of Oman (NBO) that reported lacklustre profitability.
As a result, QNBFS Research expects CBQ net profit for Q3-17 to fall short of previous estimates of QAR 90.46 million.
UAB turned to losses in the third quarter of 2017, reporting losses of AED 5.39 million ($1.46 million) in Q3-17, versus profits of AED 16.98 million ($4.62 million) in the same period last year.
Meanwhile, NBO reported a fall in net profits by 31% quarter-on-quarter, and 34% year-on-year, as profits amounted to OMR 8 million, which led to a sharp decline in provisions.
