We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sun 17 Oct 2010 06:56 PM

Font Size

- Aa +

Qatar Islamic Bank Q3 net misses analysts’ estimates

Gulf state’s biggest sharia-compliant lender posted a 62 percent rise in third-quarter profit

Qatar Islamic Bank Q3 net misses analysts’ estimates
Net income at QIB rose to QR305.4m ($83.9m) from QR188.5m a year earlier

Qatar Islamic Bank (QIB), the Gulf country’s
biggest sharia-compliant lender, posted a 62 percent rise in third-quarter
profit, missing analyst estimates, amid a pickup in economic growth in the
emirate.

Net income rose to QR305.4m ($83.9m)
from QR188.5m a year earlier, according to Bloomberg News
calculations based on the bank’s nine-month earnings today. Analysts had
expected a profit of QR344.7m

Qatar’s economy will expand by 19 percent this year,
double the growth rate in 2009 and faster than any other economy, according to
International Monetary Fund projections. Customer deposits in banks rose 23
percent in August compared with the same period a year earlier, while the value
of loans increased 19 percent, according to data from the country’s central
bank.

“During 2010, QIB adopted a strategic plan to remain
innovative while overcoming the effects that the global financial crisis had on
the region,” QIB chairman Jassim Bin Hamad Al-Thani said in the statement. The
“results demonstrate that QIB is moving closer to achieving the goals set forth
by our Board of Directors.”

The shares fell 2.1 percent to 80.1 riyals on the Qatar
Exchange today, before the results were published. The stock has gained 2.8
percent this year.

Qatar Islamic’s nine-month profit fell to QR907m, the bank said. Third-quarter earnings were calculated by subtracting
first-half profit from the nine-month figure. The bank reported a nine-month
profit of QR1bn in 2009.

Nine-month operating income was QR1.7bn, the
bank said. The value of assets rose to QR44.8bn at the end of
September from QR35.6bn a year earlier.

Chief executive officer Salah Al Jaida said earlier this
month he would step down for personal reasons. He will be retained as an
adviser, the bank said earlier this month. Qatar Islamic is yet to name his
full-time successor.

Arabian Business: why we're going behind a paywall

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.