Qatar Islamic Bank Q4 profit rises 19pc

Dubai

Qatar Islamic Bank (QIB), the Gulf state’s largest sharia-compliant lender by assets, reported a 19 percent rise in fourth-quarter net profit, according to Reuters calculations, narrowly beating analysts’ forecasts.
It made a net profit of 750 million riyals ($206.0 million)during the three months to Dec. 31, compared with 630.2 million riyals in the same period a year earlier, Reuters calculated from financial statements in the absence of a quarterly earnings breakdown.
An average of three analysts polled forecast the bank would make a quarterly net profit of 682.2 million riyals, according to Refinitiv data.
The lender said its board had recommended a cash dividend of 5 riyals per share, the same payout as in 2017.—Agencies

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