Mubasher: The Commercial Bank of Qatar (CBQ) posted a 409.6% year-on-year profit surge in during the third quarter of 2018.

Net profits amounted to QAR 404.5 million in Q3-18, compared to QAR 79.4 million in Q3-17, according to the bank’s statement to the Qatar Stock Exchange (QSE) late Tuesday.

Earnings per share (EPS) recorded QAR 3.11 for the three-month period ended September, from QAR 0.65 for the same of the prior a year earlier.

During the first nine months of 2018, the bank’s profits surged 386.4% to QAR 1.26 billion, versus QAR 258.9 million in the same period of the previous year.

By the end of September, CBQ’s assets grew 3.5% year-on-year to QAR 138.7 billion, while operating profits rose 7.9% to QAR 1.8 billion.

“Qatar continues to transform its economy for a more sustainable future, implementing a raft of reforms designed to strengthen the economy, increase self-sufficiency and promote growth,” Sheikh Abdulla bin Ali bin Jabor Al Thani, Chairman of the Board of Directors of CBQ, said.

By 10:28 am Qatar time, CBQ’s stock went up 1.21% at QAR 42.