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Qatar Islamic Bank net profit jumps 14 percent to $692m

Total assets were up 6.7 percent y-o-y at 186 billion riyals driven by growth in financing and investment activities.
By TRENDS Desk
October 17, 2021 11:04 pm
  • The Islamic lender made impairment provisions of 1.19 billion riyals for the period ended 30 September 2021
  • Total income for the period was 6.12 billion riyals compared with 5.96 billion riyals for the same period in 2020

Qatar Islamic Bank has said that its net profit for the first nine months of 2021 has jumped 14 percent to $692 million.

The Islamic lender made impairment provisions of 1.19 billion riyals for the period ended 30 September 2021 compared with 961 million in the same period last year, it said in a statement on Sunday.

Total income for the period was 6.12 billion riyals compared with 5.96 billion riyals for the same period in 2020. Income from financing and investing activities came to 5.33 billion riyals, marginally lower y-o-y due to lower market interest rates.

Operating expenses for the period fell to 797 million riyals from 822 million riyals in the year-ago period on cost efficiencies.

Total assets were up 6.7 percent y-o-y at 186 billion riyals driven by growth in financing and investment activities, it said.

 

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