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.
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)
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