Qatar Islamic Q3 profit jumps 34pc
Doha, October 19, 2011
Qatar Islamic Bank (QIB), the state's second largest lender by market value, posted a 33.6 percent jump in third-quarter net profit on Wednesday, beating analysts' forecasts thanks to strong investment income growth.
QIB reported a net profit of 407.2 million riyals ($112 million), compared with 305 million riyals a year earlier and analysts' average forecast for 348 million riyals.
Investment income grew to 500 million riyals in the third quarter, compared with 57 million riyals a year earlier.
The bank is restructuring to boost its presence abroad and at home, QIB Chairman Sheikh Jassim bin Hamad bin Jassim bin Jabr al Thani said in the statement. The bank posted a nine-month net profit of QR1.1 billion.
QIB is said to be planning to raise between $500 million to $1 billion via a sukuk sale.
The lender pulled out of a deal to buy a majority stake in Indonesian Islamic lender PT Bank Muamalat, banking sources said in July.-Reuters
More Finance & Capital Market Stories
- Gulf stocks surge as Fed tapering adds fuel to fire
- SABB launches graduates programme
- NBAD names key official for Hong Kong
- Commercial Bank of Dubai obtains $450m loan
- EFG Hermes names group co-chief
- Islamic bond issuance in GCC picking up
- Kuwait budget surplus likely to hit $42.4bn
- Bahrain banking sector on road to recovery
- GCC banks' outlook stable, says report
- GBSA panel names new chairperson