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Qatar First Bank Revenues in 2016 Turns to a
Loss of QR 265.6
Million
The loss per share QR 1.34
March 14, 2017
Qatar First Bank LLC disclosed its financial statements for the
period ended 31/12/2016
showing a loss amounting to QR 265.6 million compared to
a net profit of QR 66 million in the corresponding period in the
previous year. The loss per share stood at QR 1.3 in the fiscal
period ended 31.12.2016 compared to earnings per share of QR
0.34 in the corresponding period of the previous year.
The
Group's Comment
Qatar First Bank's income from non-banking activities
increased by 6.2% to QR 442.7 million in 2016, while its
investments incurred losses as result of negative change in the
fair value worth QR176.5 million compared to QR 138.1 million in
the same period last year. Deducting share of investors worth QR
386.1 million, then the bank's total income drops 40% compared
to last year. In contrast, total expenses increased by 9.8% to
QR 628.4 million. Hence, QFB incurred a net loss of QR265.7
million for its stakeholders, compared to QR 66 million last
year.
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