DOHA Oct 18 Commercial Bank of Qatar
(CBQ), the Gulf Arab state's third-largest lender by assets,
late on Tuesday reported a third-quarter net loss versus a
The bank made a net attributable loss of 1.38 million Qatari
riyals ($379,016.75) in the three months to Sept. 30, Reuters
calculated based on financial statements in lieu of a quarterly
breakdown. That compares with a profit of 275.93 million riyals
in the same period a year earlier.
The average of four analysts polled by Reuters had forecast
CBQ would make a quarterly profit of 281.7 million riyals.
Credit growth in the Gulf state has been one of the main
drivers of expansion for banks in recent years as Qatar spends
on infrastructure development and ahead of hosting the soccer
World Cup in 2022.
But more modest levels of government spending amid the lower
oil prices environment is expected to hamper banking performance
The bank on July 4 appointed Joseph Abraham as chief
executive. Abraham had been chief executive of Australia and New
Zealand Banking Group's Indonesia business since 2008.
($1 = 3.6410 Qatari riyals)
(Reporting by Tom Finn; Editing by Matthew Lewis)