By: Mohamed Farouk

Doha – Mubasher: Financial data of banks listed on the Qatar Stock Exchange (QSE) showed an increase of 4.1% in profits for the first quarter of 2017, compared to the same period of 2016.

Nine banks achieved a combined profit of QAR 5.28 billion ($1.45 billion) in Q1-17, up from QAR 5.07 billion ($1.39 billion) in Q1-16, according to data compiled by Mubasher.

Qatar National Bank (QNB) logged the highest profits amounting to QAR 3.2 billion, whereas the Commercial Bank of Qatar (CBQ) registered the lowest profits of QAR 91.23 million in Q1-17.

Qatar First Bank (QFB) recorded the only loss in the banks sector with QAR 9.56 million in the first three months of 2017; however, its losses more than halved compared to the corresponding period of 2016.

The number of QSE-listed companies that have announced their first-quarter financial statements so far have reached 36 firms, achieving a total profit of QAR 9.4 billion in Q1-17, down 4.7% year-on-year from QAR 9.86 billion.

Translated by: Mohamed Hesham Azab