According to Reuters calculations, the second-quarter net profit of Commercial Bank of Qatar plunged by 45%.

In the second quarter of last year the profit was 602.74 million riyals, while the bank's second-quarter net profit for this year dropped to 333.2 million riyals ($91.59 million).

In the second quarter last year the bank, Qatar's third-largest bank by market value, conmfirmed a profit of 563.6 million riyals, however it revised the figure.

An average second-quarter net profit of 495.09 million riyals has been predicted by the three analysts surveyed by Reuters.

Jithesh Gopi, head of research at Sico investment bank in Bahrain said, "It was a bit of a surprise. We don't think it would have come from the top line but it could probably have come from provisions."

Sico predicted earlier this month a net profit of 420 million riyals in a Reuter's poll.

Executives were not immediately available for comment at the bank.

A sharp contrast was visible between the bank's results with that of Qatar National Bank, which posted a 12 percent rise in its second-quarter net profit last week.

The firm said in a statement that in the first half of the year Commercial Bank made a net profit of 943.3 million riyals, as compared with 1 billion riyals a year before. It did not give a quarterly breakdown or give reasons for the result.

The quarterly profit has been calculated by the Reuters based on previous financial statements.