Qatar Islamic Bank Posts 15% Q1 Net Profit Increase

The bank made a net profit of $92 million in the opening three months of 2014.



Qatar Islamic Bank, the largest sharia-compliant lender in the Gulf Arab state by assets, posted a 15 per cent increase in first-quarter net profit on Wednesday, edging ahead of analysts’ expectations.

The bank made a net profit of 335 million riyals ($92 million) in the opening three months of 2014, it said in a statement. This compares with 291.2 million riyals in the corresponding period of last year.

Eight analysts polled by Reuters, on average, forecast a net profit of 327.7 million riyals for the period.