Sharjah: The Sharjah Islamic Bank announced its first quarter 2011 results Monday with net profit of Dh70 million, a 3.7 per cent increase compared to Dh67.5 million in the same period last year.
The balance sheet grew since December 2010 with total assets reaching Dh17.1 billion compared to Dh16.7 billion, up 2.8 per cent. Net customer receivables reached Dh10.3 billion, an increase of 6.3 per cent compared to Dh9.7 billion in December 2010 while customer deposits reached Dh11.1 billion, up 7.3 per cent compared with Dh10.4 billion in December 2010. Total shareholder equity reached Dh4.3 billion, or 25 per cent of total assets. In addition total liquid assets reached Dh4.0 billion, or 23.5 per cent of total assets, reflecting the bank's strong capital base and its robust financial position.
First quarter net profit at National Bank of Oman (NBO), the sultanate's second-largest lender by assets, jumped 16.7 per cent, beating analysts average expectations.
The bank made a quarterly net profit of 7.7 million riyals, compared with 6.6 million riyals in the same period last year, it said in a statement to the bourse yesterday.
Analysts polled by Reuters had estimated an average first quarter profit of 6.86 million riyals.
Net interest income fell to 13.4 million riyals in the quarter, down 2.2 per cent from one year earlier. Total assets dropped to 1.87 billion riyals from 1.89 billion riyals a year ago, but loans and advances grew 2.5 per cent in the quarter compared with the previous year.
Doha Bank QSC, Qatar's fourth-biggest bank by assets, said first-quarter profit rose 15 per cent as revenue from lending jumped.
Net income increased to 363 million riyals ($99.7 million) compared with 315 million riyals a year earlier, the bank said in an e-mailed statement yesterday.
Net interest income rose 33 per cent to 393 million riyals, according to the statement.
Qatari banks have bene-fited from operating in what the International Monetary Fund forecasts will be the world's fastest growing economy this year. Nominal gross domestic product will increase 20 per cent and domestic investment will total $225 billion over the next five years, according to government projections.
Shares of Arabian Cem-ent Co soared the most in more than two years after the Saudi Arabian producer of cement and clinker said first-quarter profit surged 42 per cent.
The shares jumped 9.8 per cent, the biggest intraday gain since November 2008, to 35.8 riyals at 11:05am yesterday in Riyadh, giving the company a market value of 2.86 billion riyals.
Net income increased to 116 million riyals from 81.7 million riyals a year ago. Last year's first quarter earnings were affected by a stoppage in one of the production lines for maintenance, the company said in a statement to the bourse yesterday.
Qatar Gas Transport Co (Nakilat) said first-quarter profit rose to 188.5 million riyals from 163.4 million riyals in the year-earlier period. The company made the announcement in a statement to the Qatar bourse yesterday.
Al Ahli Bank of Qatar said first-quarter profit rose to 116 million riyals from 78 million riyals a year earlier as it gained from interest income.
Net interest income including those from Islamic financing and investment activities grew 50 per cent, the bank said in a statement to the Qatar bourse yesterday. Non-interest income fell 16 per cent to 26.4 million riyals due to lower foreign exchange income, it said.