CBQ posts 32.9% drop in Q4 net income

February 11, 2014 6:34 am

Commercial Bank of Qatar (CBQ), the Gulf country’s second-largest lender by assets, has posted a 32.9% fall in fourth-quarter net profit, as provisioning for bad loans rose substantially, Reuters has reported. The bank made a net profit of QR300m ($82.4m) for the last three months of 2013, compared with QR447.3m a year earlier. Full-year profit for 2013 dropped 20.2% to QR1.61bn. Provisioning in the quarter more than doubled to QR346m from QR136m, CBQ said.