Qatar- QFB posts QR425.5mn loss
(MENAFN- Gulf Times) Qatar First Bank said it recorded a net loss of QR425.5mn at the end of the third quarter in September.
Ayman Zaidan, QFB head (Treasury and Investment Management) said, 'After a challenging nine months with global and regional headwinds, QFB recorded a net loss of QR425.5mn where prevailing market uncertainties are among the major concerns for the reduction in banks revenue.
He said QFB's ambitious cost rationalisation plan initiated in first half of 2016 continues to generate positive results by reducing staff cost, other operating expenses, and finance cost by 29.8%, 12.5%, and 9.6%, respectively compared to nine-month period in 2017.
He added, 'Furthermore, other income increased mainly due to fair value of Shariah-complaint risk management instruments and fee income from the structured products. The bank is continuing its programme of creating liquidity from private equity portfolio while working with partners on new opportunities in developed markets that will be seeded and managed by QFB.
Ayman Zaidan, QFB head (Treasury and Investment Management) said, 'After a challenging nine months with global and regional headwinds, QFB recorded a net loss of QR425.5mn where prevailing market uncertainties are among the major concerns for the reduction in banks revenue.
He said QFB's ambitious cost rationalisation plan initiated in first half of 2016 continues to generate positive results by reducing staff cost, other operating expenses, and finance cost by 29.8%, 12.5%, and 9.6%, respectively compared to nine-month period in 2017.
He added, 'Furthermore, other income increased mainly due to fair value of Shariah-complaint risk management instruments and fee income from the structured products. The bank is continuing its programme of creating liquidity from private equity portfolio while working with partners on new opportunities in developed markets that will be seeded and managed by QFB.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment