DOHA: Driven by higher investments and net interest income, listed banks in Qatar have delivered a steady set of results for the first half of 2013. Net profit of listed banks has collectively increased by 8.7 percent to QR9.0bn year-on-year.
The banks’ combined total assets have increased by QR83.2bn, up 11.6 percent from December 31, 2012 to June 2013. The surge is mainly due to the growth in loan portfolios.
The loan portfolios of the banks collectively increased by QR57.6bn, up 13 percent for the first half of 2013. The deposits have grown by 15 percent to QR72.3bn during the period, a KPMG snapshot for Qatar’s listed banks noted yesterday.
QNB’s assets rose 18 percent to QR431bn in the first half of 2013. While Ahli Bank’s assets rose 20 percent to QR24.7bn, International Islamic’s (QIIB) assets grew 10 percent to QR28.55bn during the period. Posting a 7 percent growth, Doha Bank’s assets reached QR59.2bn. CBQ rose 7 percent to reach QR85.43bn. Rayan’s assets soared by 4 percent to QR64bn and Qatar Islamic Bank’s (QIB) grew by 1 percent. Al Khaliji’s assets declined by 3 percent during the first half.
Impairment charges of the banks have substantially increased by QR384m in 1H2013, compared to the same period in 2012.
The share prices of Islamic banks posted an average increase of 1.05 percent and conventional bank share prices have increased by 2.38 percent, both of which are well below the overall market. QNB’s share price rose 19.88 percent. While International Islamic posted 11.13 percent growth, Al Khaliji and Commercial Bank of Qatar rose 2.36 percent and 1.90 percent respectively.
The overall average market of Return on Equity (ROE) has declined as compared to the corresponding period due to the increase in equity balances, mainly due to one particular rights issue, which has outpaced the growth in overall profitability. QNB, Al Khaliji and QIB were among the banks that saw a growth in the ROE during the 1H 2013.
Reported by: The Peninsula, Gulf Times, Caye Global News, BBC News
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