By: Mohamed Farouq

Doha – Mubasher: The financial statements of the nine banks listed on the Qatar Stock Exchange (QSE) for the third quarter of fiscal 2016 showed a year-on-year rise of 2.6% in their profits.

Total profits of the nine banks for Q3-16 reached QAR 8.57 billion ($2.35 billion), versus QAR 8.35 billion ($2.29 billion) for Q3-15.

Also, total earnings for the first nine months of the year increased by 2.3% to QAR 16.99 billion ($4.66 billion from QAR 16.61 billion ($4.56 billion) for the same period of 2015.

Qatar National Bank (QNB) recorded the highest net profit of QAR 6.4 billion for Q3-16 and QAR 9.65 billion for the nine-month period.

Meanwhile, Al Khaliji Bank made the lowest profits in Q3-16 with QAR 104.8 million, and Qatar First Bank (QFB) reported the lowest profits for the January-September period this year with QAR 5.08 million.

QFB and Commercial Bank of Qatar (CBQ) suffered losses in Q3-16 with a net loss of QAR 12.96 for the former and QAR 1.4 million for the latter.

Translated by: Elwy el-Manzalawy