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Tue 14 Jul 2015 12:16 PM

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Qatar's largest sharia-compliant bank sees 27% surge in Q2 profits

Qatar Islamic Bank made a net profit of $131.9m

Qatar's largest sharia-compliant bank sees 27% surge in Q2 profits
Qatar Islamic Bank (QIB)

Qatar Islamic Bank (QIB), the Gulf state's largest sharia-compliant lender by assets, beat the average forecast of analysts as it reported a 27 percent jump in second-quarter net profit on Tuesday, according to Reuters calculations.

The Islamic lender made a net profit of 494.7 million riyals ($131.9 million) during the period, compared with 389.8 million riyals in the same period a year ago, Reuters calculations showed, using financial statements in lieu of a quarterly earnings breakdown.

Seven analysts on average forecast a net profit of 427.2 million riyals for the period in a Reuters poll.

The lender did not provide a detailed breakdown of its earnings in the statement.

Qatar Islamic Bank posted net profit of 895.1 million riyals in the first half of the year, higher than 725.2 million riyals it reported a year-ago, according to its statement to the bourse.

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