ArabianBusiness.com - Middle East Business News Monday, 07 July 2008 | 06:35 UAE time

YOUR DIRECTORY /


	
Print this page Print this page | Email this to a friend Email this to a friend | Discuss this article (0 Comments) |

Qatar Islamic Bank rakes in record profits

by John Irish on Wednesday, 16 January 2008

Qatar Islamic Bank posted its second consecutive record profit in the fourth quarter and said it plans to sell stock to existing shareholders to raise its capital by 20%.

Net income in the three months to December 31 rose 40% to 396.68 million riyals ($109 million), calculated by newswire Reuters based on full-year data the bank released on Wednesday. Profit in the year-earlier period was 283.7 million riyals.

Net income in all of last year rose 21.3% to 1.23 billion riyals, the bank said in a statement on the Doha bourse website. It did not give quarterly data or explain the rise. Bank officials, including chief executive Salah Jaidah, were not immediately available for comment.

Story continues below
advertisement

The lender said it planned to raise its share capital in two rights issues of 10% in each of this year and next.

The board also recommended a 2007 cash dividend of 20% and one free share for every two held, the bank said.

In a Reuters survey last month, Dlala Brokerage & Investment Holding forecast the bank would make a profit of 365.21 million riyals in the fourth quarter.

Qatar Islamic is looking to expand abroad as competition at home intensifies. It plans to start affiliates in Pakistan and London this year. (Reuters)

Print Print | Email Email | Discuss this article |



USER COMMENTS (0 COMMENTS)

CLICK HERE TO POST A COMMENT

Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code * Code


Please click post only once - your comment will not be published immediately.

more » MIDDLE EAST MARKETS

QIIK.DSM

Last Price:

161.30

+1.10+0.68%

6 Jul 2008 09:29 GMT
(Market Closed)

 EMAIL ALERTS

  1. Qatar Islamic Bank

  2. Banking & Finance



ArabianBusiness.com/Jobs - Middle East Jobs Search
  1. Investment Analyst - Global Equities (UAE Nationals/Emirati)
    Industry: Finance
    Location: Abu Dhabi, UAE
  2. Human Resources Operations Manager
    Industry: Finance
    Location: Dubai, UAE
Browse all jobs »

BUSINESS FEATURES

The Oddo couple

A new joint venture at the DIFC aims to bring together European expertise and Arab relationships.

High finance

Amid continuing turmoil in global credit markets, Islamic finance is going from strength to strength. 

Sukuk and the city

The City of London has had a rough time recently, but for the city's Islamic financiers, outlook looks rosier.

BUSINESS INTERVIEWS

Market mover

Franklin Resources CEO on how one of the world's largest fund managers is looking to the Gulf to offset losses.

Noor goes moor

Noor Islamic Bank CEO Hussain Al Qemzi plans to take the fledgling bank across the Gulf and around the world.

Capital growth

Shuaa Capital CEO Iyad Duwaji believes the Gulf is on the cusp of unprecedented economic growth.

MORE FROM ARABIANBUSINESS.COM