|01-19-2015, 05:16 PM||#1|
Qatar Islamic Bank Q4 profit surges 33%, proposes higher cash dividend
Qatar Islamic Bank (QIB), the largest Sharia-compliant bank by assets in Qatar, reported on Sunday a 33.4% rise in fourth-quarter net profit, topping analysts’ forecasts.
QIB pulled out a net profit of QAR470 ($129.1 million) in the three months to December 31, compared with QAR360.3 million a year ago.
Analysts by Reuters forecasted net profit of QAR333.3 million.
This sums QIB’s total 2014 net profit to QAR1.6 billion, 20% higher than the previous year.
The lender’s board also recommended a QAR4.25 per share cash dividend for 2014, up from QAR4.0 per share in 2013, considering the bank’s higher profits, the bourse statement said.
Revenue from investing and financing activities jumped 10% in 2014 to QAR3.01 billion, reflecting strong growth in QIB’s core operating business.
QIB was the second Qatari bank to report quarterly earnings after Qatar National Bank. Qatar National Bank, the Gulf state’s largest bank, reported 3.3% more profit in the fourth quarter last week.
QIB’s lending book grew 27% in 2014, while deposits leaped 32% at the same time.
Banks in Qatar have seen outstanding growth for their credit business in recent times with so much huge development projects and government spending in preparing for the 2022 Soccer World Cup.
Shares of QIB were up 0.75% at market opening on the Qatar Exchange on Monday.
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