Gulf state's largest sharia-compliant lender says it made profit of $152m in three months to Dec 31
Qatar Islamic Bank (QIB), the Gulf state's largest sharia-compliant lender by assets, met analysts' average forecast as it reported a 2 percent rise in fourth-quarter net profit on Wednesday, according to Reuters calculations.
It made a net profit of 555 million riyals ($152 million)during the three months to Dec. 31, compared with 544 million riyals in the same period a year earlier, Reuters calculated from financial statements in the absence of a quarterly earnings breakdown.
Three analysts polled by Reuters had forecast on average the bank to make a quarterly net profit of 539.7 million riyals.
For the full year of 2016, QIB posted net profit of 2.16 billion riyals, higher than the 1.95 billion riyals it reported a year earlier, according to a bourse statement.
The bank's board proposed paying a cash dividend of 4.75 riyals per share for 2016, the statement said. The 2015 payout was 4.25 riyals per share.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.