Doha Bank Q1 net profit falls 16%, misses forecasts
Bank earned a net profit of 354.16m riyals in the three months to March 31 against 420.21m in the same period of the previous year
Dubai: Doha Bank, Qatar’s fourth-largest lender by assets, reported a 16 per cent decline in first-quarter net profit on Monday, missing the average expectation of analysts.
The bank earned a net profit of 354.16 million riyals ($97.3 million, Dh356.92 million) in the three months to March 31 against 420.21 million riyals in the same period of the previous year, the company said in a filing to the Qatar bourse.
Three analysts polled by Reuters had forecast on average the bank would make a quarterly net profit of 399.2 million riyals.
Tough global economic conditions, including falling commodity prices and instability in currency markets, would curtail the bank’s performance in 2016, chief executive R.
Seetharaman had warned in January.
