January 24, 2018 / 6:16 AM / a month ago

Qatar's Doha Bank Q4 net profit surges 76.4 pct

DUBAI, Jan 24 (Reuters) - Doha Bank, Qatar’s fifth-largest lender by assets, on Wednesday reported a 76.4 percent surge in fourth-quarter net profit, according to Reuters calculations, but missed analysts’ expectations.

Net profit came in at 61.4 million riyals ($16.9 million) in the three months ended Dec. 31, compared with 34.8 million riyals a year ago, Reuters calculations showed, using financial statements in lieu of a quarterly earnings breakdown.

Three analysts polled by Reuters had forecast on average the bank would make a quarterly net profit of 144.7 million riyals.

The bank said the board was recommending distributing a cash dividend of 3 riyals per share for 2017, the same as the previous year.

It added the board recommended issuing bonds under the bank’s $2 billion Euro medium-term note programme.

$1 = 3.6415 Qatar riyals Reporting By Tom Arnold; Editing by Sherry Jacob-Phillips

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