(The Group's Comments) Qatar First Bank Net Loss Increased to QR 482 Million in 2018

Ø  Profits/Losses: The Bank recorded a loss of QR 481.91 million for the year 2018, compared to a loss of QR 269.36 million in 2017, i.e. the losses jumped by 79%. Meanwhile, the losses per share stood at QR 2.41 compared to a loss of QR 1.35 for the year 2017. As for the last quarter of 2018, losses amounted to QR 56.36 million versus losses of about QR 129.66 million for the same period in 2017.

The total losses amounted to QR 998.46 million at the end of the year, equivalent to 50% of the paid up share capital.

 

Ø  Comprehensive income: recorded a loss of QR 109.02 million compared to a profit of QR59.86 million for the year 2017. The losses were due to the sale of one of the bank’s investments in Turkey, which resulted in losses of QR 119.29 million, and losses of QR211.4 million due to the revaluation of investments at fair value through income statement.

 

Ø  Expenses: The total expenses amounted to QR 278.7 million at the end of 2018, compared to QR252.7 million in 2017, an increase of approximately 10%. The amount of QR 38.1 million is included in the expenses relating to impairment of the investment value of one of the subsidiary companies.

 

Ø  Assets: decreased by QR 1,700 million by the end of 2018 compared to the previous year by approximately 34%. This decrease resulted from equity investments of QR 514.1 million or 56% due to QR 209 million disposals and a decline in fair value of QR211 million. The bank also sold one of its investments as mentioned above. The book value of the share at the end of 2018 is about QR 5.00.

 

Ø  Dividends: No cash dividends

 

Ø  Market ratios: The share incurred a loss therefore the lack of a profit ratio. Meanwhile the stock is currently traded at a market value multiple of 0.80 times.