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UPDATE 1-Qatar Islamic Bank Q3 net profit rises 17 pct, beats estimates
October 20, 2014 / 2:42 PM / in 3 years

UPDATE 1-Qatar Islamic Bank Q3 net profit rises 17 pct, beats estimates

(Adds third-quarter figure)

DUBAI, Oct 20 (Reuters) - Qatar Islamic Bank (QIB), the Gulf state’s largest sharia-compliant lender by assets, reported a 17 percent rise in third-quarter net profit on Monday, according to Reuters calculations, beating analysts’ expectations.

The Islamic lender made a net profit of 405 million riyals($111.2 million) during the period up from 345.1 million riyals in the same period a year ago.

Analysts on average forecast the lender would make a net profit of 378.05 million riyals for the period in a Reuters poll.

The bank made a net profit of 1.13 billion riyals during the first nine months of the year up from 975.1 million riyals in the same period a year ago, a company statement said.

QIB did not provide a quarterly breakdown so Reuters calculated the figure for the third quarter based on comparing Monday’s announcement with previous financial statements.

Qatari banks have benefited from the knock-on effects of the state’s heavy investment in infrastructure and preparations to host the soccer World Cup in 2022.

Masraf Al Rayan, Qatar’s largest Islamic lender by market value, reported a 22.6 percent rise in net profit on Monday.

Qatari lenders are seeking to bolster their presence abroad as competition among lenders at home increases.

QIB had entered into exclusive talks with Bank Asya about acquiring a stake in the Turkish lender. However, the Turkish bank said in August the exclusivity period with QIB had terminated without agreement. (Reporting By Tom Arnold; editing by Keith Weir)

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