Qatar Islamic Bank posts 12.8% profit rise

DUBAI

Qatar Islamic Bank (QIB), the Gulf nation’s largest Sharia-compliant lender by assets, met the average forecast of analysts as it reported a 12.8 per cent jump in first-quarter net profit on Sunday.

It made a net profit of 555.4 million riyals ($152.6 million) during the three months to March 31, compared with 492.4 million riyals in the same period a year earlier, its statement said. Three analysts polled by Reuters had forecast on average the bank to make a quarterly net profit of 518.7 million riyals.