Qatari-listed companies’ earnings grow by 41.2% to $3.8bn in Q2, 2022 – The Peninsula

Qatari-listed companies’ earnings grow by 41.2% to $3.8bn in Q2, 2022 – The Peninsula

Doha: The total earnings for Qatari-listed companies increased by 41.2 percent during the second quarter (Q2) of this year to reach $3.8bn as compared to $2.7bn in Q2, 2021. Also, the earnings reported by GCC-listed companies reached a new record level during Q2, 2022 backed by a broad-based quarter on quarter (q-o-q) growth in profits across all sectors according to Kamco Invest report.

Qatar’s banking sector reported a profit growth of 11.1 percent in Q2, 2022 that reached $1.9bn accounting for 48.6 percent of the overall exchange profits during the quarter. The report noted “QNB reported a net profit increase of 13.5 percent during the quarter reaching $1.06bn compared to a net profit of $933.8m in Q2, 2021. The increase in profits was mainly driven by higher net interest income and non-interest income that was partially offset by an increase in provisions during the quarter.”

“Qatar Islamic Bank reported a net profit of $261.6m for Q2, 2022 as compared to 227.9m for the same period in 2021. Income from financing and investing activities registered a y-o-y growth of 6.6 percent during the quarter to reach $523.3m as compared to $490.9m for the same period of 2021. Commercial Bank of Qatar reported a