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Sun 18 Jan 2009 05:30 PM

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Qatar Islamic Bank’s Q4 profit drops 1.8%

Gulf state bank reports $107mn profit; breaches analysts' estimates of 7% rise in profit.

Qatar Islamic Bank reported a 1.8 percent decline in fourth-quarter profit on Sunday to about 390 million riyals ($107.1 million).

Net income for the full year was 1.64 billion riyals, up 31 percent from the year earlier, Qatar Islamic said in a statement on the bourse website, without giving quarterly data, which Reuters calculated based on previous financial statements.

Two analysts in a Reuters survey last month said they expected Qatar Islamic's quarterly profit to rise 7 percent and 44 percent. (Reuters)

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