Qatar's QIB posts 12.4% fall in Q3 net profit

  • Share via facebook
  • Tweet this
  • Bookmark and Share
(Photo for illustrative purposes only)

(Photo for illustrative purposes only)

Qatar Islamic Bank (QIB), the Gulf state's fourth-largest lender by market value, reported a 12.4 percent drop in third-quarter net profit on Sunday, missing analysts' average forecast.

The bank made a net profit of QR345.1m ($94.8 million) in the three months to Sept. 30, compared with QR393.9m in the same period a year ago, it said in a bourse statement.

QIB posted a nine-month net profit of QR975.1m, compared with QR1.1bn for the same period last year.

The third-quarter results missed the average forecast of eight analysts in a Reuters poll who had expected the bank to post a quarterly net profit of QR360m.

Lending growth in Qatar has been a key driver of bank profits in recent quarters as the country pours billions of dollars into infrastructure projects, such as electricity, water generation and transportation, partly to prepare to host the 2022 soccer World Cup.

While growth in Qatar's total bank credit dipped to a 27-month low in August, credit still increased by 13.6 percent year-on-year, according to central bank data.

QIB's total third-quarter income from financing and investing activity dropped to QR738.4m from QR773.8m a year earlier. Fee and commission income fell to QR91.4m from QR119.7m.

QIB and Commercial Bank of Qatar have asked Qatar Exchange to increase the number of their shares available to foreign investors to 25 percent of their market capitalisation, Qatar's stock exchange said in June, with the changes due to be implemented in six to nine months.

QIB shares closed 0.3 percent lower on Sunday. They have fallen 9.7 percent year-to-date.

Related:
Companies

Market Performance

Qatar Islamic Bank
108.5
0.0 0.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Shuttered banks, ATM queues and $77 daily limits: Greece plunges into crisis

Shuttered banks, ATM queues and $77 daily limits: Greece plunges into crisis

Breakdown in talks between Athens and its creditors plunged the...

Malaysia fund's $4.5bn rescue may weigh on Abu Dhabi's IPIC

Malaysia fund's $4.5bn rescue may weigh on Abu Dhabi's IPIC

International Petroleum Investment Co came to the aid of Malaysia...

Debt market beckons as Saudi bourse opens to foreigners

Debt market beckons as Saudi bourse opens to foreigners

Corporate bond issuance in the kingdom is the most active in...

Most Discussed